Statistics that indicate how many Latinos are out of bank accounts and outside the financial system are declining every year. Not having an account at a bank and relying on the alternative banking system is much more expensive because you pay higher and higher commissions and interest rates. If you look for the cheapest way to do banking transactions, build a credit history not only have to take seriously to open an account in a bank, you must also think about credit unions.

Why? Because according to the data compiled by Bankrate the fees charged by these financial institutions are well below those paid by commercial banks. According to a study by this company specializing in personal finance, 84% of the largest credit unions in the US offer free checking accounts that are not necessarily associated with another service or accounts. The trend is up because last year 76% offered this service without cost. In any case, it is double that in the event of the bigger banks.


Only 16% of these institutions charge a monthly fee and when they do they are amounts that fluctuate between $ 2 and $ 5. Moreover, most accounts that are not completely free offer the possibility of being if a savings account is opened, direct deposit of the salary is made or with it, and this basic banking service is provided at no cost to the client In 98% of cases.

"If you are looking for a real checking account, do not stop at a credit union," recommends Bankrate chief analyst Greg McBride, who emphasizes the fact that these financial institutions offer a larger ATM network than Past, something that makes them much more convenient and attractive from services.

It is also cheaper to pay the fee for using out-of-network ATMs ($ 1.50 versus $ 2.50 for banks), 68% do not require a minimum account opening deposit and in no case needs more than $ 50. If you have to face an overdraft cost, you have to pay the penalty, just like in traditional banks, but the average is $ 27.76 when most banks do not charge less than $ 35. 

Credit unions may be cheaper to offer accounts, checkbooks, ATM, investments or loans because they are not institutions for profit. They are cooperative financial institutions whose clients are members of the organization because they have a common bond that can be very defined and encompasses few people (a typical job) or very large (neighbors of an individual neighborhood and their families).

Because they are not in the mood for cash, they do not pay federal taxes and can, therefore, be offered competitive prices for their services. The benefit they may have is either reinvested or paid as a dividend to their members.