Fees are on the increase with many of the big, traditional banking institutions as they work to recoup lost revenues from recent regulatory changes to the industry. Some institutions are starting to charge a monthly fee for checking accounts. Others are raising the account requirements, such as a larger average balance, to avoid having a monthly service fee. It was reported that Wells Fargo Bank is experimenting in a few markets with a $3.00 monthly charge for Debit card users if the consumer uses their Debit card at least once during the month. Some institutions are beginning to charge a monthly fee if an account statement is mailed instead of being delivered to the consumer by e-statement online.
The trend is clearly moving towards more fees back to the account holder. The good news is that North Alabama Educators Credit Union is not looking at adding any of the fees cited above. Our business model has always been to reward our member-owners with lower fees, higher rates on deposits, and lower rates on loans. While there have been regulatory changes that have affected North Alabama Educators Credit Union, the overall financial impact so far has not been sufficient enough to require additional fees at this time.
Consumers who have account relationships at multiple financial institutions are advised to look closely for any "change in terms" notices or new fee schedules that may be delivered from the institution. North Alabama Educators Credit Union is experiencing a good increase in new members recently as more and more consumers move their business away from these higher fees being charged elsewhere.