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Blog > 2011 > October > Credit Unions Known for Free Checking an...
October 05, 2011

Credit Unions Known for Free Checking and Debit Card Value

As frustrated consumers learn about new bank fees on debit cards and checking accounts, they should know that there has never been a better time to join a credit union, says Indiana Credit Union League President John McKenzie.

“The recent announcement by Bank of America that it plans to charge $5 per month to debit card users is an example of the emphasis on profits at larger banks, while credit unions—which are member-owned not-for-profit cooperatives—emphasize service and value over profits,” he explains.

Credit unions are leaders in free checking and debit card value. Almost 80 percent of credit unions offer free checking.

There are 187 credit unions in Indiana, and they have 2.2 million members. According to McKenzie, “Indiana credit union members benefit by $90 million annually through better rates and lower fees compared to if the only choice available to them was for-profit financial institutions,” he said. “We see more and more consumers looking to credit unions for a better deal on financial services.” New deposits at Indiana’s credit unions have increased by almost a billion dollars annually during the past four years to a current total of $16.7 billion.

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