Credit Union Survey Chapter 4 –Fees ATM/Check Cards Chapter 4 – ATM/Check Cards ATM/Check Cards Overall, 69% of credit unions across the nation offer ATM cards and/or check cards (check cards include debit or combined ATM/ debit cards). This figure rises to at least 90%, however, among credit unions with $10 million to $50 million in assets and reaches about 100% among credit unions with $50 million or more in assets (Figure I and Table 4-1). Almost 95% of credit unions offering checking accounts provide ATM and/or check cards to members. The prevalence of ATM and/or check cards is similar to what was found in 2006. Check cards have become universal among banks, according to Bankrate’s 2007 Check Card Survey. Many consumers prefer check cards over credit cards due to the high interest rates and late-payment fees associated with credit cards. In fact, check cards have been used to make more purchases than credit cards since 2003 and are becoming the dominant form of payment, according to the Federal Reserve.
ATM/Check Card Fees One-time issuance fees for ATM or check cards are not common among credit unions. Only 5% of credit unions charge a one-time issuance fee. This is comparable to the 2006 figure. Larger credit unions are least likely to charge this fee – no more than 1% of credit unions with $100 million or more in assets do so (Table 4-2). Among credit unions that charge an issuance fee, the median is $5 and ranges from $1 to $15 (Table 4-3).
© 2008 Credit Union National Association
Figure I Offer ATM or Check Cards by CU Asset Size 100%
77%
80% 60%
71% 69%
90%
91%
98% 93%
100%
99% 100% 100% 100%
99%
99% 100% 100% 100%
64% 37%
40%
35% 20% 0%
2008
6%
2006
4% Overall Less than $2M
$2M- $5M- $10M- $20M- $50M- $100M- $200M- $500M- $1B or $5M $10M $20M $50M $100M $200M $500M $1B more
ATM/Check Card Fees* % that charge a one-time issuance fee Median one-time issuance fee** % that charge a replacement-card fee Median replacement-card fee** % that charge an annual fee Median annual fee** % that charge a per-transaction fee on non-owned ATMs Median per-transaction fee on non-owned ATMs** % that allow free transactions before assessing fee** Median number of free transactions per month** % that charge a per-transaction fee on owned ATMs Median per-transaction fee on owned ATMs** Median number of free transactions per month** *Based on credit unions that offer ATM or check cards. **Based on credit unions that have the particular fee.
Most credit unions charge a replacement-card fee for ATM or check cards. Nearly 85% of credit unions charge a replacement-card fee, which is similar to 2006 (Table 4-4). The median fee charged is $5 but ranges from $1 to $50 (Table 4-5).
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2008 5% $5.00 83% $5.00 3% $12 52% $1.00 83% 4 8% $1.00 5
2006 9% $5.00 84% $5.00 5% $12 62% $1.00 64% 5 7% $1.00 6
Similar to issuance fees, annual fees are uncommon. Only 3% of credit unions charge an annual fee for ATM or check cards, which is also similar to 2006. Credit unions with $20 million or more in assets are less likely than smaller credit unions to charge this fee (Table 4-6). Among charging credit