Seventy-two percent of America's 50 largest credit unions offer free checking accounts without a minimum balance requirement, down slightly from 76% last year, according to Bankrate.com's 2012 Credit Union Checking Survey, which was released today. An additional 10% of these credit unions will waive monthly fees if accountholders maintain a minimum balance ranging from $100 to $750. Only 45% of banks offer free checking without minimum balance requirements, according to Bankrate.com's latest research, and banks' minimum balance requirements tend to be much higher ($585 for noninterest-bearing accounts and a staggering $5,587 for interest checking accounts).

"Overall, 98% of the credit union checking accounts that we surveyed are either free or can become free if the accountholder meets minimum balance, direct deposit and/or e-statement requirements," said Greg McBride, CFA, Bankrate.com's senior financial analyst. "So credit unions remain a viable, consumer-friendly alternative for finding a free checking account."

The majority of the credit union checking accounts that Bankrate surveyed (68%) do not pay interest. Those that do yield an average of 0.12%, down from 0.17% last year, which is consistent with the ongoing declines seen in cash investments.

Other Fees

• Even at credit unions, overdrafts will cost you. The average cost of the first overdraft is $26.65, up from $26.05 last year, compared to $30.83 at banks. The most common fees assessed are $25.00 and $30.00, compared to the most common fee of $35.00 at banks.
• Thirty percent of the credit unions that Bankrate surveyed have either no ATM fees outside the network or provide at least one free withdrawal per week before the fee kicks in, comparable to 29% of banks.
• Ninety-six percent of credit unions surveyed will charge a non-member for using their ATM. The average ATM surcharge is $2.08, almost identical to $2.10 last year, versus $2.40 at bank-owned ATMs. The most common surcharge is $2.00, compared to $3.00 at banks.

Click here to view the full survey: http://www.bankrate.com/finance/checking/2012-credit-union-accounts/.