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To avoid a monthly fee, bank customers must maintain an average balance of $723 in their non-interest checking accounts, up 23% from 2011 and the highest balance in 15 years, according to a survey.
September 24
Credit unions are clinging more tightly to free checking than banks.
Almost three quarters of America's 50 largest credit unions offer free checking accounts with no strings,
Since 2010 the availability of standalone free checking at credit unions has fallen slightly from 78%, while the percentage of such accounts at banks plunged from 65%.
"While banks have significantly scaled back free checking accounts, free checking remains the rule, rather than the exception, among credit unions," Greg McBride, a senior financial analyst at Bankrate.com, said in a press release.
Credit unions tend to offer lower overdraft and ATM fees as well, according to Bankrate.com.
Customers who overdraw their accounts at credit unions face an average fee of $26.74, compared with $31.26 at banks.
Though credit unions have upped the fee they charge noncustomers for using an ATM over the past year by 10%, to $2.29, the surcharge at banks averages $2.50. Fees for using an out-of-network ATM average $1.01 at credit unions, compared with $1.57 at banks, Bankrate.com said.