Want a free checking account with no strings attached? You’ll have far better luck finding one at a credit union than a bank, reports Mike Moebs of Moebs Financial Services in Lake Forest, Illinois.
Just 50.5 percent of banks offer free checking, compared to 79.5 percent of credit unions. As free checking becomes less common, credit unions offer free checking as a way to pry deposits from banks.
“The bank approach is to treat the checking account as a secondary service, while focusing on selling other profitable services such as loans, retirement services, wealth management services and more,” Moebs says.