Credit union memberships continues to grow - New York News

Credit union memberships continues to grow

Posted: Updated:

By Brenda Buttner, FOX News

If you're looking for a free checking account, chances are you're probably not going to find it at your local bank.

The percentage of banks offering free, no-strings-attached checking accounts has dropped 26 percent since 2010.

That's according to a Bankrate survey of the top 50 credit unions in the nation.

"While we've seen stand alone checking account decline at banks, what we have seen is more than 90 percent of the accounts can get the fee waived with something like direct deposit, online statements or just  based on other balances that you have," said Bankrate.com senior financial analyst Greg McBride.

72 percent of credit unions offer free checking accounts.  That's down just six percentage points since 2010.  While only 39 percent of banks offer free checking.

Some perks of using a credit union:

  • 74 percent have no minimum balance requirements
  • Less than five percent have fees or debit cards and transactions
  • And 30 percent don't charge to use other banks' ATMs

Credit unions are expanding their ATM access too by offering access to a broad ATM network shared with other credit unions.

"A lot of them belong to much larger ATM networks so they can literally open up thousands of ATMs that their members can use around the country," said McBride.

The National Association of Federal Credit Unions says consumers are catching on to the credit union craze.  With membership growing from less than 84 million members in 2004 to more than 93 million members in 2012.

  • Local NewsLocal NewsMore>>

  • Friday Night Live: July 25, 2014

    Friday Night Live: July 25, 2014

    Friday, July 25 2014 10:31 PM EDT2014-07-26 02:31:59 GMT
    This is Fox 5's Friday Night Live, a weekly celebration of the end of the work week. All summer long, the Fox 5 team brings you the latest in entertainment, nightlife, food, and music in our area. In this jam-packed episode: QuickChek New Jersey Festival of Ballooning, Stephen "Twitch" Boss, actress Mary Lynn Rajskub, and Michael Chernow and Chef Daniel Holzman of the Meatball Shop.
    This is Fox 5's Friday Night Live, a weekly celebration of the end of the work week. All summer long, the Fox 5 team brings you the latest in entertainment, nightlife, food, and music in our area. In this jam-packed episode: QuickChek New Jersey Festival of Ballooning, Stephen "Twitch" Boss, actress Mary Lynn Rajskub, and Michael Chernow and Chef Daniel Holzman of the Meatball Shop.
  • G subway line shutting down for 5 weeks

    G subway line shutting down for 5 weeks

    Friday, July 25 2014 9:37 PM EDT2014-07-26 01:37:26 GMT
    Beginning Friday night, a portion of the G subway line that connects Brooklyn and Queens will be shut down for five weeks.
    The MTA says there will be no service between the Nassau Avenue station in Greenpoint and Court Square in Long Island City until Sept. 2.
    Beginning Friday night, a portion of the G subway line that connects Brooklyn and Queens will be shut down for five weeks.
    The MTA says there will be no service between the Nassau Avenue station in Greenpoint and Court Square in Long Island City until Sept. 2.
  • The Big Idea

    Making New York City more energy efficient

    Making New York City more energy efficient

    Friday, July 25 2014 8:45 PM EDT2014-07-26 00:45:49 GMT
    More than half the population of New York City rides public transportation to work. No other metropolis in this country even approaches that percentage or the MTA's total number of riders. For that reason, New York likely ranks as the most energy-efficient city in the nation. But what would it take to make the city even more energy-efficient or even self-sufficient?
    More than half the population of New York City rides public transportation to work. No other metropolis in this country even approaches that percentage or the MTA's total number of riders. For that reason, New York likely ranks as the most energy-efficient city in the nation. But what would it take to make the city even more energy-efficient or even self-sufficient?
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices