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You're looking for a free checking account these days and who -- and chances are you're probably not gonna find it at your local bank.
The percentage of banks offering free no strings attached checking account has dropped 26%.
That's according to a new Bankrate survey.
So will this trend continue and should -- consider credit union instead.
Greg McBride senior financial analyst for great great dot com joins me now with details OK you've got a lot of great numbers here I wanna go through some of these.
Free checking accounts 72% of credit unions haven't 39% of banks do so you do the math there it looks like credit unions offer the better deal we'll.
Used to run not connect just a couple of years ago -- as you noted in the open -- bad banks the availability of that free checking has dropped precipitously in the past couple of years.
-- a credit unions what we're finding.
Is that it's really only dropped just a hair and it's still more than 70% of -- the largest credit unions offer.
A standalone free checking account that you can get around these bank fees if you have a big enough balance tell me about that.
Well if you have a big enough balance -- it sometimes it's something as simple as signing up for direct deposit summit I think that's the main thing.
While we've seen that stand -- free checking account declined -- bank's.
What we have seen is that more than 90% of the counts can get the fee waived with something like direct deposit online statements are just based on other balances that -- let me tell yet.
This thing it really blew me away in your facts less than 5% credit unions have fees for debit cards and transact transact debit cards transactions.
That's a big difference well it's pretty comparable actually a backstage at the point areas did I think there was a lot of fear a couple of years ago that the debit card fee was gonna catch right on.
The numbers bear out the fact that it has not.
Okay you say 30% don't charge -- -- other banks say ATMs.
That's craziness yeah -- it is in -- on top of that -- a lot of credit means just because by nature they're very small the -- belong -- much larger ATM networks so they can literally opened -- thousands of ATMs -- -- members can -- around the country free of -- I -- -- polls -- they don't have -- -- ATMs -- in fact they do so net -- when you found in your survey is that credit unions still have big advantages over banks so if you are frustrated with your bank.
At the end of the day -- might be a good move he had you have to include credit unions in your comparison shopping it's not a one size fits all for everybody but you have to include him in the search.
Now -- do you believe that.
-- they have the same the thing I worry about because -- bank online I do it on my iPad all the time and I don't -- have to be bothered by I'd like actually going into a branch.
Unless I absolutely have to.
-- those credit unions have the same kind of online presence is a big bank.
-- they're getting there I -- online presence yes where you -- things like mobile banking that's the adoption that's starting to pick up now.
They're not the first adopters on it but they do eventually pick that up and -- we have for people to value those conveniences.
Yes you can still find it a credit unions credits Krejci -- -- having you on the show thanks for coming and thanks Gerri great career.
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