February 16, 2018 by Space Coast Credit Union
Candy store shelves brim to the top with chocolate goodies and florist shops overflow with roses as Valentine’s Day approaches—and, during this season of love, people typically focus on finding ways to surprise and delight their sweethearts.
In general, this is the worst time for a break up, but the recent news story and social media buzz about Bank of America’s announcement to charge customers who previously had a free checking account a $12 monthly fee has many consumers rethinking their banking relationships.
When “Free” Isn’t Really Free
Savvy consumers are accustomed to seeing the word “free
” in advertising, and then they immediately ask, “what’s the catch”? “Free Checking,” for example, might come with one or more of the following conditions: only when a certain minimum balance is met, or when transaction minimums are met or when a certain dollar amount is directly deposited into the account each month.
Is that really “free”?
Bigger Banking Picture
According to an article in the Chicago Tribune
about the current state of free checking in the industry, genuinely free checking accounts are becoming harder to find at traditional banks and their availability is expected to dwindle even further.
So, what should customers do if they realize they’re in a relationship with the wrong financial institution? Services like direct deposit, debit cards, and online bill pay can make it seem inconvenient to switch checking accounts, a fact many banks depend on. Fortunately, we streamline the process.
At SCCU: Free Checking = Free Checking
At SCCU, we build lasting relationships with our member-owners, with our goal being to provide them with the services they need throughout their financial stages of life. This starts with our making the transition from your previous bank to our credit union as seamless as possible.
Our free checking account with e-statements offers the convenient and affordable services that our members want and need—with NO hidden fees, NO minimum balances, and NO hoops and hurdles to jump through.
Compare that experience to a NerdWallet
analysis that shares how the “average cost of monthly maintenance fees, ATM and account use fees, and overdraft and nonsufficient funds fees for a checking account is nearly $1,000 over a decade.”
Let’s Do More Comparisons
Checking Balance Requirements:
- Average minimum balance required from traditional banks: $668
- SCCU FREE Checking: NO minimum checking balance requirement and NO direct deposit requirements
- Average for traditional banks: $10 to $12 per month
- SCCU FREE Checking : NO transaction minimums or monthly fees
At SCCU, you benefit from free eStatements and a free VISA® debit card with unlimited transactions and fraud protection. SCCU’s free checking also comes with mobile check deposit, person-to-person payments, fraud alerts, and so much more!
It’s very clear which is the better deal—and, in this Valentine’s season of love and relationships, it’s time to start a whole new relationship, beginning with a free checking account you’ll love. Open your account online now