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Consumers now have fewer choices in checking accounts, according to a study by Moebs $ervices, Lake Forest, Ill., but the type credit unions like SIU Credit Union offers is the most in demand: free.
As recently as six years ago the number of checking accounts offered was 11 or more, Moebs reports. But these accounts have evolved to three basic types: interest, free, and basic. Banks are moving quickly to interest or basic checking, while credit unions offer mainly free checking.
About 80% of credit unions offer free checking, compared with fewer than half (47.9%) of banks, according to the 2014 Moebs study.
At SIU Credit Union, we offer a free checking account to members who opt into receiving monthly E-Statements instead of paper statements. If you don’t already qualify for free checking, it’s easy to do so by all you have to do is have a clear ChexSystem record, open with at least $50, and enroll in E-Statements. Continue reading