Service charges on deposits fell 1.7% at banks during the 12 months ending June 30, but they rose 4.9% at credit unions, according to new data from financial institutions analytics company Moebs Services.
The findings, which include data from the NCUA, FDIC and the Federal Reserve, suggest many credit unions are winning consumers away from banks, often by offering free checking and lower fees, as well as by driving higher volumes of members and transactions.
"CUs have a more traditional or old-fashion approach to deposit gathering, and it is paying off for them," Moebs Services Economist and CEO Michael Moebs said.
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