Eaton Family Credit Union News

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 o...

In the February, 2012 Consumer Reports  article, " Bank Accounts More fees are coming. How to fight back–or flee. " the magazine starts, "People say they’re furious at behemoth banks, for myriad reasons: lending practices that helped sink the economy, government bailouts, foreclosures, huge bonuses for CEOs, and now higher fees and tougher account requirements." They suggest, "Why this is happening: Banks are fighting pressure on several fronts. Lending is down, interest rates are at historic lows, and there’s been a decline in investment income." So take a moment to compare our fees to banks and other credit unions as reported by Informa Research Services , "The largest credit unions tend to have lower fees on average than the biggest banks." We think some of us "smaller" credit unions stack up very well too! Non-interest checking per month Eaton Family Credit Union = $0 Bank = $10.27 Credit Union = $6 Minimum balance to wa...

In the Tuesday, April 12, 2011, Cleveland Plain Dealer , Teresa Dixon Murray , Business Writer and Columnist, wrote an article called, " Bank customers can expect new fees for using ATMs, talking to tellers, transferring money." In the article she writes, " Fees like these are on the rise this year as banks nationwide grapple with how to recover billions of dollars in lost revenue now that they can't make as much from overdrafts fees, credit card interest and debit card usage fees as they once did." Click here for the entire article. Click here to see the chart, "What some banks will be charging you." Here are some of the types of fees mentioned in the article and what we charge per monthly and annually: Non-branded ATM-only card = $0.00* vs. $10 annually from PNC Bank MasterMoney Debit Card = $0.00* vs. $3.95 monthly from 5/3 Bank Checking Account = $0.00 with no minimum or monthly average vs. $20 monthly from CitiBank and $9 monthly from Bank of A...

There is a very interesting article written by Bill Handel from The Raddon Repor t on March, 9, 2011 it starts: There is movement afoot to address the issue of debit card interchange. Unless you’ve been on safari for the last three months, you are very much aware of the loud industry protestations resulting from the Federal Reserve’s Reg II, which was issued in December. Click here to read the entire article. The Durbin Amendment was meant to be consumer-friendly. Mr. Handel includes possible ways financial institutions could react that are actually very UNfriendly to consumers: Reduce its full-time employee count by 18 people, an effective reduction of 11 percent. This assumes $4.5 million assets per employee and $65,000 in salary and benefit costs per employee. Or … Lower its rate on deposit accounts by 16 basis points, or … Impose a $6.08 per month fee on checking accounts with balances below $1,000. This assumes that 60 percent of checking accounts have balances of less th...

On Saturday, January 22, 2011, in the Cleveland Plain Dealer , Teresa Dixon Murray wrote an article titled, "Ask your bank these tough questions about debit cards: Money Matters." The article starts with a question from C.M. from Berea The Question : In your Jan. 1 column, you said you were against debit cards. I was wondering if you could explain your reasoning. The Answer: For those who haven't read my rants over the years about debit cards that are connected to a person's primary checking account, here's why I think they're horrible... Click here to read the whole article. Here are some questions Ms. Dixon Murray includes at the end of the article and our answers 1. How can you make sure my account doesn't get hit by fraud or a billing error that drains money intended to cover a check I already wrote or an automatic payment already scheduled? Eaton Family Credit Union members are the first line of defense against fraud by limiting with whom they share...