Tuesday, September 11, 2012

Bank Fees vs. Us - one year later

On September 10, 2012 The Cleveland Plain Dealer ran an updated article by Teresa Dixon Murry titled, "Local banks charge higher checking fees; some even charge to mail you a statement."

She writes, "... most banks in Northeast Ohio are raising common fees for things like overdrafting your checking account, getting a cashier's check or using another bank's ATM."

Click here to read the entire article. Also click here to see more from August, 2011.

She includes a chart listing fee changes from last year. Here are our fees and any changes we've made.
  • Overdraft = $25...no change
  • Cashier's Check = $2...no change
  • Other bank's ATM = $0 for the first 8 transactions with $1,000 savings or direct deposit then $2 per transaction thereafter...no change
  • Stop Payment = $25...no change
  • Wire Transfer = $17...no change
  • Lost ATM Card = $0 for the first then $15 thereafter...no change
  • Returned Deposit = $15...no change
Click here for our Fee schedule.

Friday, September 07, 2012

Research Prepaid Debit Cards First


On Wednesday, September 5, 2012, Sheryl Harris (@consumerwriter), Consumer Affairs writer, from the Cleveland Plain Dealer, wrote an article "Pew study finds prepaid cards valuable for some, but carry risks."

Click here for link to the complete study, "Loaded With Uncertainty: Are Prepaid Cards
a Smart Alternative to Checking Accounts?". Click here for a report about the study.

The Pew report lists four findings in the review of 52 prepaid cards. Below you can the find this information and related comments about our FREE Advantage Checking with FREE Debit MasterCard.

  • The varying fee structures and disclosures for prepaid cards make comparison shopping very difficult because most products have 7 to 15 individual fees to consider and their disclosures are not uniform.
    • Eaton Family Credit Union discloses all fees - click here for our fee schedule.
  • The cost of prepaid cards can be less than checking accounts, but the cards come with significant risks. These products are not covered by laws requiring disclosure of fees and terms - nor those that limit consumer liability for unauthorized electronic fund transfers.
    • Eaton Family Credit Union complies with all laws related to fee disclosure.
  • Most consumers use prepaid cards as a way to keep spending within their means; overdraft options run counter to this goal and should not be offered.
    • Eaton Family Credit Union does offer overdraft protection but it is your decision to use it or not - we give you many ways to track your account: online, by phone and via mobile.
  • FDIC insurance does not necessarily apply to funds loaded onto GPR prepaid cards. Those companies that claim funds are FDIC-insured are not federally supervised and, therefore there is no guarantee the protections are executed correctly.
    • All Eaton Family Credit Union accounts are insured to $500,000 - backed by full faith and credit of the United States Government through NCUA to at least $250,000 and additional private insurance to $250,000 through ESI.