As the financial landscape evolves, consumers are increasingly seeking ways to avoid excessive fees and maximize their savings. When it comes to choosing a checking account, opting for a smaller financial institution, such as a credit union, can offer substantial benefits, including fee-free checking accounts and other advantages that go beyond traditional banks. Let’s explore how community banks and credit unions, like Allegacy, provide fee-free checking accounts and contribute to substantial savings for their members.
A Comparison of Average Checking Account Fees
Traditional Banks
According to the most recent statistics from industry reports, traditional banks continue to charge various fees associated with their checking accounts. The average monthly maintenance fee* for a traditional bank checking account hovers around $13.58, with some accounts requiring minimum balance thresholds to waive these fees. Moreover, overdraft and ATM fees can further burden consumers, potentially significantly impacting their financial wellbeing.
Go Small, Save Big
On the other hand, credit unions stand out for their fee-free checking account options. By choosing a credit union, consumers can avoid the additional fees commonly associated with traditional banks and be confident knowing that their hard-earned money isn’t being eroded by maintenance fees, overdraft charges, or ATM fees.
Enjoying Additional Perks
Beyond fee-free checking accounts, smaller financial institutions often provide other key benefits, such as ATM fee refunds. Members of Allegacy can access thousands of surcharge-free ATMs nationwide, effectively eliminating the hassle and cost of ATM fees. Furthermore, high-yield checking accounts enable members to earn more on their deposits, thereby increasing their potential for financial growth.
By making the switch to Allegacy’s SmartRate Checking, members not only enjoy no monthly maintenance fees and no minimum balance requirements but also can earn premium dividends and receive ATM fee refunds. By taking advantage of SmartRate Checking, consumers can experience a holistic, financially beneficial banking experience within a community-focused, not-for-profit environment.
Take the first step toward financial empowerment by exploring more about our Checking accounts or open one today! Our online tool makes it easy to switch.
