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Wednesday, August 15, 2018
    Credit Union Checking Fees

    It reached 95 degrees here yesterday and in some places above 100 degrees and it’s not even officially summer.  So, this is my lazy Friday post because I was way too hot to have a laptop on my legs last night to actually sit and write a post.  Instead I’ll share with you a very interesting infographic from Bankrate.com about the rise in checking fees are credit unions.

    Why should you care?  Well, credit unions have always traditionally charged less fees and the overall cost of doing business with credit unions was always traditionally lower than the big banks.  If credit unions are raising their fees, then guess who follows next?  All of you banking at the big guys (Chase, Citibank, Capital Once, Wells Fargo, etc.) better hold on to your purse strings and get ready for the fee bandwagon.

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    4 Comments

    krantcents June 10, 2011 at 2:35 pm

    My credit union started to charge fees on their savings if you did not maintain a minimum balance. This seems to be a trend here.

    Money Cone June 10, 2011 at 4:25 pm

    I wonder where that leaves the big banks! Monthly maintenance fees for even savings accounts?

    Jon — Free Money Wisdom June 11, 2011 at 8:50 pm

    Definitely something worth considering. Ah, this economy does not look very pretty does it? It is only a matter of time until it all collapses around us–people better start getting their heads of the sand.

    Mayor of Humbleville June 11, 2011 at 11:54 pm

    Hey Sandy,

    Luckily my credit union doesn’t issue any checking fees, but I’m sure we’ll be seeing some relatively soon because of the future Durbin amendment. Debit was a cash cow that supplemented the “free” part of free checking.

    With the reduced revenues from debit transactions, banks and credit unions have said that they will probably need to start charging for those services. Yikes! We’ll go back to cash once they do that!

    Humbly Yours,
    The Mayor

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