CUNA has released a new fees survey that reports that more than twice as many credit unions than banks offer free checking accounts, and fewer credit unions than banks charge fees for overdrafts. Moreover, credit unions charge lower fees than do banks for nonsufficient funds (NSF) and overdrafts.
CUNA said its survey also found that two-thirds of credit unions that provide share draft/checking services offer at least one free checking account. That compares to just 28% of banks/savings associations, according to the Federal Reserve's 2001 Report on Retail Fees and Services of Depository Institutions.
While nearly all banks/savings associations charge for overdrafts covered by their institution, just 72% of credit unions charge this type of fee. Furthermore, these credit unions charge $8.43 less, on average than do banks/savings associations, CUNA said. The trade group added that nonsufficient funds (NSF) fees are nearly universal across all financial institutions, but credit unions charge nearly $3.00 less, on average, than do banks/savings associations.
The findings are just one chapter of CUNA & Affiliates' 2002 Fees Survey Report. Other chapters in this 223-page research report include a look at overall fee income, fees and surcharges related to ATM and debit card programs, credit card and lending fees, remote access and bill-payment fees, and 21 other fees.