DepositAccount.com is reporting that Arizona FCU is charging members a $3 per month membership fee.
The fee started in January of this year; but is waived for members under age 18 and for Representative Payee accounts. In other words, almost all adult members pay this fee.
I wonder what the Move Your Money crowd thinks about this fee.
Dr.Leggett,
ReplyDeletethats a slick move to highlight this. if others would go to the credit union's call report data they might discover what you must have.
this credit union should have closed 5 years ago, but thanks to ncya, theyre still open.
here is how they thank their members for staying with them...fee income triple peer and share payout half of peer.
jim blaine should put that pink pig of his on a blog report of the truly piggish behavior of this credit union.
ncya is very lucky that congress is mesmerized by their own tail feathers and self importance. a real congress would put an end to this circus.
Dr. Leggett,
ReplyDeleteThis is mind-blowing. How can credit unions continue to claim the moral high ground of being saviors of the poor, calling banks greedy and uncaring, when this credit union, Arizona Federal, is charging fees HIGHER THAN banks? Wait til the Phoenix area journalists finish their stories on this. Do credit unions deserve their favorable tax-exemption when they act more like a bank with bank fees - than a bank! What happened to the cooperative principles of member-owned credit unions? If one does a search of how members feel about this $3 monthly fee, which is unavoidable whether their members have checking, unavoidable whether members have direct deposit, unavoidable whether members have higher balances, one will clearly see the members didn't ask for this. How can the Board of Directors claim to represent the interests of the members when this charade happens? This is nothing more than a wealth transfer from poorer members to richer members and employees. Funny how just a few years ago, Arizona Federal claimed to be caring about their community, now turning their back on them. Sounds like Westad's revenge, blaming the poor and minorities for the big losses in 2009-2010. This is a short-sighted move, as younger poorer members generally grow richer as they enter their peak earning years. Arizona Federal seems to be a credit union in name only. Who wants to place bets on how long it takes for them to drop this "robbery" fee?
I see more outlined on their Facebook page, and review sites. Be sure to read the comments on the review sites/Facebook (the ones they didn't delete) to see if these unprecedented fees were demanded by the members.
http://arizonafederalcreditunionmembers.wordpress.com/
https://www.facebook.com/ArizonaFederal
http://www.yelp.com
"Move your money to a credit union to avoid high bank fees" no longer makes sense. What's next, to replace Bank Transfer Day? Credit Union Transfer Day?
Where does Arizona Federal want those cast off poor, young members to go? Check cashing stores?