Save a Buck: Credit Unions' Free Checking, Fees, Interest Rates - AARP Bulletin

Why Try a Credit Union

Big banks are eliminating free checking and imposing new fees as they seek to bolster profits in the face of new government regulations, but you may be able to dodge the fees if you belong to a credit union. In a survey of the country’s 50 largest credit unions, the financial website found that 39 offered free checking and 41 had no balance requirement or monthly fee on checking. Compared to banks, credit unions also offer lower loan rates, lower overdraft and ATM fees, and higher interest on savings, says Mark Wolff of the Credit Union National Association. Credit unions are not looking to make money. They are not-for-profit cooperative organizations of people with a common bond such as where they work, live, worship or attend school. To find out whether you can join a credit union, ask your employer. Contact occupational, fraternal, religious and alumni organizations. Find out from family members whether you can join through their affiliations. And check out the possibility of a “community” membership available to people in a specific geographic area. or call 1-800-358-5710. Joan Rattner Heilman writes often on good deals and where to find them. Cancel You are leaving AARP.org and going to the website of our trusted provider. The provider’s terms, conditions and policies apply. Please return to AARP.org to learn more about other benefits. Your email address is now confirmed. You'll start receiving the latest news, benefits, events, and programs related to AARP's mission to empower people to choose how they live as they age. You can also by updating your account at anytime. You will be asked to register or log in. Cancel Offer Details Disclosures

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