When it comes to checking, credit unions have a big advantage over larger banks.
When it comes to checking, credit unions have a big advantage over larger banks. Most large banks charge a monthly fee for checking, in addition to the other bank fees they require for using another bank’s ATM or overdrawing your account. In contrast, Bankrate’s 2013 CU Checking Survey shows that 72 percent of CUs offer checking accounts with no monthly fee. Credit unions also charge smaller fees for overdrafts and for using out-of-network ATMs.
Despite the clear advantages of a credit union, many consumers are still reluctant to switch. On is website, Bankrate lists four popular myths:
CUs don’t have enough ATMs
Credit unions are technologically behind
Credit unions don’t have convenient locations
Credit unions don’t hit you with penalties
Helpful Resources available through Credit Union Resources, Inc:
Shared branching is a cooperative network of credit unions that give your members access to their accounts from thousands of locations nationwide.
The CO-OP ATM Network gives your members the kind of financial convenience traditionally available only from big banks. Through the CO-OP ATM network, members can use nearly 30,000 ATM locations nationwide. The CO-OP ATM Network is also available at a variety of places your members may commonly shop, such as Costco®, Walgreens® and 7-Eleven®.