Free Checking Accounts, No Minimum Balance Alive And Well At Maine Credit Unions
March 19, 2015
According to a new survey conducted by Bankrate.com, free checking accounts with no fees or restrictions are nearing extinction, with barely one-third of banks surveyed reporting offering this. However, a recent survey of Maine credit unions found that 100% of Maine credit unions' responding still offer free checking accounts and 95% have no minimum balance requirements.
“The checking account is a very important relationship for financial institutions and consumers. As member-owned financial cooperatives, credit unions believe that offering this service for free is an important component of that relationship,” remarked John Murphy, President of the Maine Credit Union League. In addition to offering free checking accounts, many Maine credit unions also have special accounts for different demographics that offer other perks, such as free checks, special interest rates, and overdraft forgiveness.
“Credit unions are focused on serving members, not stockholders so that is much different from most other financial institutions. While banks are eliminating the concept of free checking accounts, without all of the fine print, free checking accounts at Maine credit unions are alive and well, a fact that consumers value and appreciate,” added Murphy.