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KFOX14: Big Banks Move Away from Free Checking; GECU Still Offering
Wednesday, March 12, 2014 7:00 AM

It is costing more to keep money in the bank these days -- as fewer large banks offer free checking.  Nessa Feddis, senior vice president and deputy chief counsel for consumer protection and payment for the American Banker's Association (ABA) tells KFox14 viewers that it costs about $300 per year for a bank to offer checking account services.

"There are a lot of costs involved and they have to be recovered," she says.

However, as KFox14, this does not impact credit unions like GECU. Credit union officials at the El Paso-based credit union tell viewers they have not stopped offering free checking services.

"Our focus is not for profit, but to help people," said Alex Rascon, assistant vice president of regional branching for GECU. "That's why we're able to offer our products without service fees."

Click here to see the full KFox14 report.