Many of the nation’s biggest banks are dropping their free checking programs, which means the era of free checking may be coming to a close – for bank customers. Several of the largest U.S. banks are adding fees on even the most basic banking services.
Why is this happening? New laws have been enacted recently that have led to shrinking revenues for banks, so they’re looking for alternative ways to make money for their stockholders. At credit unions, by contrast, the focus remains on serving members’ financial needs.
You are an owner as well as a member of this not-for-profit institution, so we look out for your best interests.
Here are a few areas where bank fees may be increasing:
- Account Maintenance Fees. A bank checking account may now require you to use your debit card regularly to avoid fees.
- Service Fees. Review monthly statements for hidden fees charged to deposit a check at a bank branch or to use a debit card for purchases. Be sure to ask for a printout of the fee schedule so you know which fees may apply to your situation.
- Balance Requirements. Many banks are requiring their customers to keep more of their funds in low-interest checking accounts to avoid a monthly fee.
As your credit union, it is our goal to serve our members rather than make a profit. We offer a checking account that makes money management easy and affordable.
To find out more about our checking accounts or how we can help you accomplish your financial goals, call 228-475-7300 or log on to www.navigatorcu.org.
Laurin F. Avara
President & CEO