BETHPAGE, N.Y.-Bethpage FCU announced last week it would offer no-fee checking "for life."
The credit union said it is making a "lifetime pledge" that it will not charge checking account-related fees, including fees on debit card transactions, maintenance fees, minimum balance fees, as well as no Bethpage fees on foreign ATMs, for new member checking accounts.
The credit union said its Bethpage Bonus Checking also offers free online banking, mobile banking and telephone banking-for the life of the new member's checking account.
In June of 2010, the credit union introduced its Bonus Checking product and reports that since launch it has seen a 17% increase in new member households opening up checking accounts, as compared to the year prior.
In the three weeks following Bank of America's announcement it will charge customers a $5 monthly debit card fee, Bethpage reported it opened nearly 1,500 new checking accounts-double its customary amount in a three week period.
The account pays 1% APY interest to members who use direct deposit, have free online banking with e-statements and make 15 point-of-sale debit card transactions each month.
The credit union has created a microsite at www.freecheckingforlongisland.com.
"These changes, coupled with consumers overall discontent in the financial arena, are creating positive awareness about the advantages of banking at a credit union," said CEO said Kirk Kordeleski.
