Fewer Credit Unions Offering Free Checking Accounts

Fewer credit unions in 2018 offered free checking accounts.

The percent of credit unions providing free checking accounts fell from almost 75 percent in 2017 to 49 percent in 2018.

Moebs Services defines free checking as an account with no periodic fees, no minimum balance, no requirements for transactions, reward sign-ups, or enrollment in other products.

As free checking declines, Mike Moebs, Economist and CEO of Moebs Services, stated that credit union are struggling with how to address this issue with consumers and want to avoid the topic like the plague.

The following graph shows the percentage of credit unions offering free checking accounts from 2000 through 2018.