Hidden Bank Fees vs Credit Union Fees!
A recent article titled Hidden Bank Fees in September’s issue of AARP Magazine listed ways to bypass unexpected bank fees. In reality, the best way to bypass these unexpected bank fees is to bank with a credit union. Credit unions are unique financial businesses because they have little to no fees based on their “cooperative” structure.
Paper Statement fees
Some banks are now charging to mail out a monthly statement. This fee can typically range from $1 to $5. Credit Union of Denver does not charge a fee to provide a statement. We do feel that eStatements are the better choice for statement delivery because it is more secure for the member.
Overdraft Transfer fees
A common bank practice is to charge a fee for funds to be transferred from one account to cover a transaction clearing a checking account. The credit union encourages overdraft sources from savings at no cost and offers other conservative options.
ATM Out-of-Network Usage
It is a commonly known fact that ATMs charge fees when it is outside of your financial institution’s network. These fees typically range from $2.50 to $3.50 per transactions. Credit Union of Denver charges an Out-of-Network ATM fee of $1.00, however we offer a Reward Checking Account that will refund ATM fees up to $25.00 per month when the simple requirements are met. We also have an extensive cooperative network of 30,000 ATMs and 5,000 Service Centers across the nation so you are never far from a free option.
Excess Activity Fee
Federal rules limit electronic transfers from a savings account to a checking account to 6 transfers per month due to Regulation D. Some banks will charge a fee for additional transfers. Credit Union of Denver does not allow additional transfers once the 6 electronic transfers are made during a month, but necessary transfers can be done in person at the main branch, ATM or Service Center locations for free.
Check Image Service Fee
When you require check copies, banks have been known to charge anywhere from $2 to $3.50 per check copy. Credit Union of Denver will offer two free check copies per statement cycle with a $2.00 fee for additional check copies. It is also possible to obtain check copies for free through online banking up to 90 days after the check has cleared.
Credit Union of Denver works hard to keep fees to a minimum, low interest rates on loans and higher interest rates on investments/savings. We keep competitive in the market place while providing benefits for our members.
Source: article from AARP: The Magazine 08-2017 enhanced by Credit Union of Denver