Monday, June 7, 2010

Silver State Schools Charging $5 Monthly Maintenance Fee

I was tipped off by a reader that financially-troubled Silver State Schools CU on May 10th started to charge a $5 per month maintainance fee on regular checking accounts.

The credit union advertises on its website that the fee can be avoided if:

You are 60 years of age or older;
You are younger than 18 years of age;
You maintain a minimum balance of $5,000 in your checking account at all times; or
You have aggregate deposit and loan balances totaling $20,000 or more.

You can also avoid the fee if you convert your checking account into an e-checking account. However, you would incur a monthly maintenance fee if you were write a paper check; perform certain checking functions in-branch or via the credit union's Call Center including inquiries, deposits, withdrawals, and cashing services; or revert to getting paper statements.

I was told that many members of Silver State Schools did not receive proper notice about the change and incurred the fee, as they either did not receive the mailing (or recall getting the mailing) or did not see the notice on the credit union's website about the fee.

After incurring the fee, this person stated that a branch manager refused to refund the fee and told this person: "You are under the assumption that credit unions are different than banks."(emphasis added)

6 comments:

  1. A $5.00 per month fee? That sounds like a lot less than their pro-rata, per-citizen share of funding the US manditory bank bailout -- at institutions where they are not members and get no service, in more ways than one.

    Big banks found a way to charge us all a fee, even if we never set foot inside their doors. At least at Silver State Schools they get a checking account,

    ReplyDelete
  2. to the anonymous poster above. you are too funny even though the banks and their spokesmen, e.g. dr. leggett make it awfully easy to lampoon. leggett's not only on the wrong side of common sense, but he's uninteresting to boot.

    keep getting back in his face with your very funny comments.

    ReplyDelete
  3. I don't know how people missed this change. I got 3 emails, one snail mail and saw it on
    the home page ever time I logged on. People
    really need to pay more attention to their financial lives.

    ReplyDelete
  4. According to the Treasury Department, the capital purchase program will earn a profit. The cost associated with TARP are coming from AIG, the auto companies, and HAMP.

    ReplyDelete
  5. William Strunk and E.B. WhiteJune 8, 2010 at 10:15 PM

    Cite your sources for credibility.

    ReplyDelete
  6. To Shrunk and White:

    Please meet Bob Woodward and Carl Bernstein.

    Let's just say my source is a Teacher for Clark County School District.

    ReplyDelete

 

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