Recently, a local radio station reported a story on rising fees on checking accounts. The financial industry claims they must increase fees to replace revenue lost from federal regulations that cap debit card swipe fees and overdraft fees.

In fact, according to a recent Bankrate.com survey, only 39 percent of financial institutions nationwide offer free checking accounts to their customers. That’s down from 76 percent in 2009.

At Goldenwest, we provide free checking with all the bells and whistles. Want unlimited free access with your free VISA debit card? We have it. What about ATMs? Goldenwest belongs to the Co-op ATM Network...giving you surcharge free ATMs at 30,000 locations nationwide. Goldenwest members can visit close to 5,000 credit union branches nationwide for basic transactions without a fee through the Shared Branch Network. We have free online bill pay and free mobile apps to keep personal money management as convenient as possible. And there is never a minimum balance or direct deposit requirement. It’s all free.

According to an article published in Consumer Reports earlier this year, the average checking account costs a credit union $175-$240 annually. How can Goldenwest provide so much value at no cost to our members? That’s the beauty of belonging to a not-for-profit financial cooperative. Goldenwest can absorb the checking account costs because our members bring their loans and mortgages to our credit union. We exist to serve our members, not bring profits to stockholders.

My wife and I helped our children open checking accounts with debit cards at an early age...as soon as they started earning money from mowing lawns and babysitting. I feel strongly that it’s never too soon to help your children learn how to manage finances in a responsible manner. There are countless benefits to understanding and practicing how to live within a budget while still in high school. Goldenwest allows students to open a checking account as early as age 13 with a parent as a co-signer on the account.

We continue to be one of the most vibrant credit unions in the state. The historically low mortgage rates are keeping us busy as we help even more members refinance their home loans to lower rates and shorter terms. Even better, fees for items such as mortgage origination, home equity lines, and courtesy pay continue to be among the lowest in the state.

I hope you are enjoying free checking and all the other benefits that are included with your Goldenwest membership. As always, I invite you to follow me on Twitter @GoldenwestCUCEO for the latest news about our credit union.

Kerry H. Wahlen
President/CEO