ROANOKE, Va.–Freedom First FCU has become the latest credit union to make changes to its checking offerings, in this case eliminating its no-strings attached free checking account.
The $1.15-billion Freedom First has moved 20,000 of its members from its basic “Freedom Checking” product to its new “Freedom Perks” account. The latter offers services such as credit monitoring and roadside assistance, but effective June 1 members will be charged a $7 monthly fee unless they maintain a $2,500 average daily account balance or they are under age 21, according to CardinalNews.org.
Jaime Clark, a spokesperson for Freedom First, told CardinalNews.org that FFCU anticipates that even members who are charged the fee will ultimately save more money from the perks, which include special deals from local businesses, a cellphone protection plan, fuel savings and more.
The perks are provided by BaZing.
“From some of the feedback that we’ve heard, I think a lot of members are touching base with us to have a conversation to find out more,” Clark told CardinalNews.org of members’ response to the account changes.
She also conceded to the news outlet that “certainly some people are potentially not happy and could be interested in looking at other options.”
Other Offerings
According to the report, the new Freedom Perks account joins Freedom First’s other two other checking options, each of which doesn’t require a minimum balance but which do charge a $9 monthly fee unless a member has at least $1,000 in direct deposits each month. Those accounts offer benefits such as cash back or higher interest rates, the credit union said.
“Our goal is to provide our members with an account that makes the most sense to them,” Clark told CardinalNews.org.
Also in Market
The report noted that banks in the market had similar offerings with checking accounts that charge monthly fees, although the minimums are lower. But it also noted that other credit unions, including Roanoke Valley Community Credit Union and the Central Virginia FCU, offer free checking accounts without minimum balance requirements or monthly fees, as do a number of online banks.
How to Sign Up For the Best Daily News Email in Credit Unions? (It’s Free!)
Every workday CUToday.info delivers the most comprehensive, freshest daily newsletter with the day’s news headlines, including links to the related articles. The Fresh Today newsletter is the most timely, relevant and widely-read source of news and information in the CU community. And it’s free!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties,
And did we mention it’s free?