Blogging with the CEO

Dear Members,

Giant mega-banks and some community banks are moving to eliminate free checking.  Many ban customers have already received notifications disclosing new fees!  Bank of America had to shut down its website for a time because of the complaints received from customers regarding their new $60 yearly debit card charges. 

Because of meddling by Congress, mega-banks will be earning less on fees associated with debit cards.  To make up for this cut in income, many banks have decided to eliminate free checking.  Many community banks (unaffected by these laws) have decided to follow the mega-bank lead, increasing their own profits.  An Independent Community Bank Association member survey says banks will choose one or more of the following actions:

Action # 1        61% will impose a much higher minimum balance 

Action # 2       50% will impose a debit card use fee (an annual or monthly fee)                              

Action # 3        72% will eliminate free checking altogether                                                      

Action # 4        70% will charge for services that were free

Bank customers need not allow banks to beat them over the head with their “fee stick”.  Bank customers having to pay up to $180 yearly to have a basic checking account is not funny.  Families need every dime they can keep to maintain their households.  Mega-banks and many community banks actually think they “own” their customers.  People have the power to make a choice.  Beginning November 5^th, a nationwide movement, “Bank Transfer Day”, celebrates consumer’s alternative to greedy banks.  You can choose a credit union!

What will you do?  If your account is with a bank, you can win by moving it to NPCCU.  We will help you switch!  Also, beginning November 1st, NPCCU will offer 1.0% Cash Back on debit card purchases!  We will pay you to move your auto loan from a bank to NPCCU!  On top of that, NPCCU has the best Visa credit card in the area, too! 

Aren’t we lucky there is a credit union in town?  As a member-owner, you can even run to be on the volunteer Board of Directors!  How’s that for People Power?

      Sincerely,

Dan Robbins, President/CEO                                                                                                         

NorthPark Community Credit Union