Banking Rates Unmasks the Dark Side of Credit Unions and How to Avoid Rising Credit Union Fees
Leading personal finance resource website http://www.GoBankingRates.com takes a closer look into credit union fees one year after Bank Transfer Day, and uncovers that credit unions, account fees and requirements now look starkly similar to commercial banks.
EL SEGUNDO, CA (PRWEB) October 30, 2012
Last year, the rising popularity of credit unions after Bank Transfer Day led millions of Americans to jump ship from national banks and their big-bank fees. But credit unions are now being accused of mirroring their commercial bank rivals with a slew of rigorous account requirements, more credit union fees and a declining level of service.
Go Banking Rates evaluated a recent study that showed a 3% drop in free checking accounts and an increase in overdraft fees. The rise in credit union fees and requirements has prompted the warning that “consumers need to be on alert.”
“This year, they've added so many fees, minimum balance requirements and other revenue-generating items, I'm about ready to move my accounts to a local community bank that offers truly free checking with no minimums and no hidden fees,” explains Carole Holden, a 25-year Fairwinds Credit Union member.
In the feature, Go Banking Rates reveals three proactive measures depositors can take to prevent credit union fees from eating away at funds.
1. Monitor accounts regularly
2. Consider simplifying the account
3. Switch to another credit union or bank
Fortunately, the transition to higher credit union fees is still relatively slow to catch on, giving depositors more time to formulate a strategy on how to address fee increases.
About Go Banking Rates
Go Banking Rates (GoBankingRates.com) a national website dedicated to connecting readers with the best interest rates on financial services nationwide, as well as informative personal finance content, news and tools. Go Banking Rates collects interest rate information from more than 4,000 U.S. banks and credit unions, making it the only online rates aggregator with the ability to provide the most comprehensive and authentic local interest rate information. Go Banking Rates also regularly publishes expert advice from personal finance professionals.
GoBankingRates.com is a division of ConsumerTrack, Inc., an 8-year leader in online lead generation, performance-based marketing, and customer acquisition in the financial, insurance and credit sectors. The company's portfolio of 1500 finance websites includes GoBankingRates.com, GoInsuranceRates.com, and GoFreeCredit.com. These sites receive more than 2 million visits each month.
For questions or comments, please contact:
Jaime Catmull, Director of Public Relations
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