(49)The Federal Reserve Survey defined checking accounts
broadly to include conventional checking accounts
, NOW accounts, and money market accounts used for checking.
o Just 38 percent of the credit union checking accounts
surveyed pay interest.
The banks' new ability to pay interest on business checking accounts
most likely caused the large increase in overall checking account
balances rather than interchange fee regulation.
A senior financial analyst with Bankrate said, 'Bankrate.com found that 96 per cent of the nation's largest credit unions offer a checking account
that is free, or can become free with minimal effort.
Unless you have recently reviewed the terms of your checking account
, you may find your account is in the Stone Age.
Brokerage houses such as Merrill Lynch can offer checking accounts
, maintain 401(k)s and extend credit.
The credit union data comes from a survey conducted between January 13 and January 20; the bank results come from a Bankrate survey of bank checking accounts
that were released in October.
o Signature Advantage Package: includes a Signature Advantage Checking account
(and up to four additional Essential checking accounts
with no monthly maintenance fee); unlimited non-SunTrust ATM transaction fee refunds; option to participate in Delta SkyMiles[R] Debit Card program; a small safe deposit box with no annual fee; and an introductory promotional money market account interest rate.
Averages for several checking account
fees and minimum balance requirements also dropped, suggesting that banks are responding to a consumer backlash.
Two Israeli banks are planning to pay interest on positive balances in checking accounts