Checking charges highest at credit unions, Moebs finds
The study data also suggests checking accounts still aren’t money-making endeavors.
Credit unions are earning more monthly service charge revenue per member checking account than banks and thrifts are, according to a new study from financial institutions analytics company Moebs Services.
Members pay $12.90 per month on average in service charges on checking accounts at credit unions, compared to $8.95 a month at banks and $3.52 per month at thrifts. The overall average was $9.06, according to Moebs Services. The data included account maintenance fees, minimum balance fees, overdrafts, ATM charges and other regular service fees; it did not include debit card swipe fees.
“In the long run, those financial institutions who have good control of their expenses in checking could be the real winners,” Moebs Services economist and CEO Michael Moebs said. “And, the credit unions might be the last ones standing.”
However, the study data suggested that checking accounts still aren’t money-making endeavors for most financial institutions.
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