New fees by my credit union

Yes, even credit unions are implementing MORE fees. When I opened my account with the credit union about 7 years ago, the credit union offered FREE savings accounts and checking accounts. At that time the minimum deposit for a savings account was $10 and for a checking account the minimum deposit was $25. About three years ago the credit union eliminated “free” checking accounts and created three tier checking accounts. I still have “free” checking because I have two mortgages with the credit union.

Logged onto my credit union’s website yesterday and saw a notice about new fees effective February 1st. For a savings account, there would be a $3.00 monthly maintenance UNLESS the monthly average balance is $200 OR by having another deposit with the credit union or loan account OR if you are under age 26.

I thought I understood the conditions for avoiding the fee but I called the credit union to make sure. The customer service representative reassured me that the fee would not apply (in light of my mortgage).

Of course the credit union will also have new fees for the various checking accounts. I wasn’t concerned about that account.

So, it’s not only the BIG BANKS that are “nickel & diming” their customers. So are credit unions and likely community banks.

If you don’t have a lot of money, select one institution for your banking & lending needs. That way you should dodge any fees

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