The Better Way to Bank®

Financial Library

Don't Let Fees Take Their Toll

Consumers are willing to pay for convenient financial services, such as automated teller machine use. But how much is too much?

Some fees finance the research and development of future products and services. Still other fees are used to modify negative behaviors, such as routinely writing checks against nonexistent funds.

But when it comes to fees, you can trace the difference between how many and how much to one major philosophical difference in the way credit unions and banks operate.

Banks are for-profit institutions: The profit motive influences the number and size of their fees.

Credit unions are not-for-profit financial cooperatives. Because there's no pressure from profit-minded stockholders, 1st Financial Federal Credit Union works hard to keep fees low and to a minimum.

How much can members save just by using a credit union share draft or checking account?

Most credit unions offer free checking accounts, and penalties for overdrawing those accounts tend to be lower: a $25 - $30 fee is typical, compared with up to $39 charged by banks*.

Credit unions also make it easy--and cheap--to access your accounts. Nearly three-fourths of credit unions that offer access to ATMs participate in surcharge-free ATM networks, which means you won't be charged for any transactions at those ATMS.

Avoid non-sufficient fees by tracking every expense in a checking register or using online banking to download your transactions into a financial management program. The bottom line – no one can manager your checking account better than you!

Stop by or call us to make sure you're taking full advantage of the credit union difference--before unnecessary fees take a toll on your hard-earned dollars.

* Source - Credit Union National Association, Inc. Information subject to change without notice.


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