Wall Street Journal says “‘Free’ Checking Costs Rise for Consumers”

Steve Punch, President and CEO, Pacific Service Credit Union

The elimination of free checking at big banks continues to make headlines, as in last week’s Wall Street Journal article.  According to the WSJ article, Wells Fargo is eliminating the last of their free checking accounts and Bank of America is considering a new fee strategy to replace lost income.  According to a Bankrate survey, only 39% of checking accounts are free to all customers, down from 76% in 2009.

Federal restrictions on debit cards and overdraft policies has lowered the profitability on checking accounts.  As revenue drops, big banks are looking for ways to replace that profit.  The solution comes in the form of additional fees, account restrictions and relationship requirements.


As a credit union, our mission is to offer superior and affordable financial services to our community.  Pacific Service Credit Union is proud to offer an honest checking account.


Our Free Checking account does not require a minimum balance, minimum transactions, direct deposit or a monthly fee.  It is truly free and will continue to be free.


Our partnerships with the CO-OP ATM network and shared branch network give you more convenience than any of the big banks.  You can use over 6,500 shared branches and over 30,000 free ATMs nationwide.


If you want even more value, simply bring us your direct deposit and opt for our Relationship Checking account.  While big banks charge you to access your money at other financial institution ATMs, our Relationship Checking actually reimburses fees assessed from other institutions.


I know that switching checking accounts is not easy.  I also know that with a little time and effort you can take advantage of one of the few truly free checking accounts available.  My message to you to take a few minutes and make the switch to a better checking account.  Let our team of service experts show you how easy it can be to enjoy the benefits of free checking at Pacific Service CU.

Leave a comment