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 Checking Account Changes October 1, 2009 Dear Credit Union Member,
Is has been a long-standing policy of the Board of Directors to assure members the best possible services, at the lowest possible price, without jeopardizing financial stability. While many other financial institutions no longer pay interest on their checking accounts or have imposed per item fees and high minimum balance requirements, your credit union has continued to provide many services free of charge. As services and technology have become more complex, they have also become more expensive. Currently, the costs of these services are absorbed by the entire membership and we believe it is time to pass these fees on to the members that benefit from the services. Therefore, effective November 1, 2009, we will institute a $2.00 monthly service charge on interest bearing checking accounts. It is our responsibility to see that appropriate pricing is implemented whenever necessary, and that it is justified and fair to all members. Our goal is to protect the financial soundness of the credit union and to serve your financial needs. As an alternative, we will now offer a no minimum balance, non-interest bearing checking account with no monthly service charge. If you prefer to maintain a checking account with no service charge, please complete, sign and return this letter and we will make the necessary changes. You will not need to order new checks. We ask that you compare our services with those of other financial institutions. We believe you will find that we still offer a better financial alternative. Sincerely, Don Denofio Chief Executive Officer I request that the credit union change my checking account to a no monthly service charge, non-interest bearing account. Name __________________________________ Date_________________ Account Number __________________________ |
