Two surveys revealed stark differences between the fees charged by credit unions and those charged by banks. The comparison showed credit unions gave banks a run for their money.
A MoneyRates.com survey of banks showed an average yearly checking account maintenance fee of $159 per year for the average American. However, a Bankrate.com survey showed a range of $1 to $10 per month for maintenance fees at credit unions (with $2 per month being the most common), for an average of $24 per year up to a premium of $120.
Even at the premium amount, compared to banks, credit unions placed at least $39 per year or more back into credit union members' pockets as a result of lower fees at the majority of credit unions surveyed.
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