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Cheney Report: Low Fees, Free Checking Show CU Difference

WASHINGTON (5/27/13)--Fostering service excellence is a key tenet of the Credit Union National Association's Unite for Good campaign, and CUNA's new 2013-2014 Credit Union Fees Report shows that many credit unions are providing this excellence to their members by offering reasonable fees and free checking.

Offering reasonable fees and free checking "are values differentiators between credit unions and banks," CUNA President/CEO Bill Cheney said in this week's edition of The Cheney Report.

According to the CUNA fee report:

  • 80% of credit unions with checking services still offer free checking, compared to 39% of banks;
  • The median overdraft protection fee at credit unions is $25, compared to median fees of $30 at banks and $35 at larger banks; and
  • The average nonmember credit union ATM fee, for those that charge them, is $2.10. Banks on average charge non-customer fees of $2.50 per transaction.

These types of pricing differences, which are rooted in credit unions' structure and philosophy, "really resonate, especially with younger consumers," and present great marketing and media opportunities, Cheney stressed. "More will see us as such knowing we're not the ones pummeling them with fees," Cheney said.

This week's Cheney Report also includes:

  • Tax advocacy tips, and the latest on tax reform efforts;
  • Details on Foreign Account Tax Compliance Act costs for credit unions; and
  • CUNA's new Consumer Financial Protection Bureau remittance rule survey.

Each Friday, The Cheney Report delivers Cheney's insights on three to four key events and policy developments affecting credit unions into the e-mail inboxes of credit union CEOs. The report also provides a valuable window into CUNA's actions on behalf of member credit unions and reinforces the value of CUNA membership.

To sign up for The Cheney Report, click the resource link below and use the "subscribe" tab on the right of the page.

Past issues of The Cheney Report are also archived on cuna.org.

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