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For Immediate Release Contact: Patrick Harris Director of Media Relations Ohio Credit Union League pharris@ohiocul.org 800-486-2917

Eight out of 10 Credit Unions Still Offer Free Checking
Ohioans benefitting to the tune of more than $132 million in savings

Columbus, Ohio (October 5, 2011) Consumers upset by escalating bank fees on debit cards and checking accounts should turn to a credit union. According to a survey from the Credit Union National Association (CUNA), eight out of 10 credit unions provide their members with a checking account free of minimum balance requirements, maintenance, and activity fees. CUNA’s Benefits of Membership report for Ohio estimates that the state’s credit unions provided $132 million dollars in savings by offering fairly-priced financial products and services and lower fees.

“Consumers are who we want to see profit,” said Paul Mercer, President of the Ohio Credit Union League. “Every dollar matters, especially during turbulent economic times. The low fees and free checking offered by credit unions are the best choice for consumers. We are here to help.”

Media reports have stated that Bank of America and other big banks will begin charging customers new fees on debit cards and checking accounts.  The publicity is driving consumers to seek lower-cost banking solutions.

More than 2.68 million Ohioans belong to the state’s 382 credit unions.  From June 30, 2010 to June 30, 2011, Ohio credit unions added almost 19,000 new members. Many for the following reasons:
 

• Consumers save more than $6.7 billion a year in lower fees and better rates by using credit unions rather than banks.  That’s an average yearly savings of $75 per person or $142 per family (CUNA Member Benefits Survey, March 2011).

• 80% of credit unions provide free checking (CUNA 2010-2011 Credit Union Fee Survey).

• More than 70% of credit unions today offer debit/ATM cards (CUNA June 2011 Member Survey).

• More than 300 Ohio credit union branches are part of Shared Branching, a network of 4,400 national fee-free transaction locations.

• Numerous independent surveys (e.g., Forrester Research; American Customer Satisfaction Index; Chicago Booth/Kellogg School) have rated credit unions tops in consumer trust and satisfaction.

Credit unions are not-for-profit, democratically-controlled cooperative financial institutions.  Members of credit unions are owners, and each member-owner has an equal say in the operations, such as fees, of the credit union.  Almost all Ohioans are eligible to join a credit union. To find a credit union, visit www.aSmarterChoice.org, and fill in the prompted fields.

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The Ohio Credit Union League, with offices in Columbus, is a state trade association representing 382 credit unions. Credit unions are not-for-profit financial institutions owned and democratically-controlled by their members. Ohio credit unions provide savings, loans, and other consumer financial services to their 2.68 million members. To learn more, visit www.ASmarterChoice.org.