Massachusetts Credit Unions to Consumers: Say No to Outrageous Bank Fees.

Join a Credit Union.

As banks across the state announce continued fee hikes for basic personal financial services, Massachusetts consumers are voting with their feet and turning towards credit unions in increasing numbers.

Saving the average consumer between $150 and $200 in fees annually, credit unions continue to be the best option for consumers looking for a viable, cheaper alternative to the mega-banks.

Consumers can no longer rely on free or low-cost checking products from their banks, as services like free checking become a thing of the past. According to a recent survey by Bankrate.com, only 45 percent of non-interest earning checking accounts are free today compared to 76 percent two years ago.

Conversely, most Massachusetts credit unions charge no debit transaction fees and offer account options with no monthly fees. And fees for account errors such as insufficient are lower, averaging $26.52 among credit unions in contrast to a bank average of $29.16.

“I don’t think I’ve ever witnessed as much consumer outrage as I have in the last three weeks. And I’m not talking about Occupy Wall Street,” said Daniel Egan, President/CEO of the Massachusetts Credit Union League. “At a time when consumers’ budgets are stretched all too thin, it’s important for them to know that they don’t have to sit still and accept these outrageous fees.”

As member-owned, not-for-profit financial cooperatives, credit unions return their excess earnings back to the members they serve, typically through higher rates on savings accounts, lower rates on loans, and by charging lower and fewer fees.

At a time when many are fed up or just plain upset, credit unions want to remind consumers that they have options. These days, there is a credit union out there for almost everyone. Their doors are open.

Why don’t you check one out at www.asmarterchoice.org.