More free checking. Of the credit unions surveyed, 76% offer free checking accounts with no strings attached, and another 20% waive fees for members who sign up for direct deposit or to receive electronic statements. On the other hand, 65% of banks offer free checking with no strings attached. However, the availability of free checking at credit unions may decrease as a result of financial reform. TVACCU does offer free checking in all of its banking plans.Lower ATM fees. Credit union members are charged $1 to $1.50, on average, for out-of-network ATM withdrawals, whereas bank customers usually pay $2 (in addition to the fee charged by the out-of-network ATM). Of the credit unions surveyed, 26% offer members a certain number of free out-of-network ATM transactions or don’t charge at all. TVACCU has had and still offers FREE ATM service at 23,000 participating MoneyPass ATMs nationwide
Higher yields. Interest rates on credit union checking accounts have fallen from an average of 0.3% in 2010 to 0.17% this year — but that’s still higher than the 0.1% you’ll get, on average, at a bank.