Fee Change Notice
Starting February 1, 2010, International Outgoing wire will be $35.00 each. Incoming wires will be $5.00 and money orders will be $3.00 each.
Gold Share account (S1) Notice
We want you to know and understand some changes that will affect the continuance of this account. As you may or may not know this account changed several years ago to allow us to maintain a small life insurance benefit on the account. That coverage was based on age of deposit and many of our members deposited that money for just that reason. In order to keep the protection, we created a new primary account type (the Platinum Share, S2), which initially paid .50% more than the Gold Share account. This helped us cover the cost of the insurance benefit. We have always wanted to maintain that benefit; however, over the last few years, we have decreased that difference to .25%, and absorbed the additional expense. Recently, we received notice of an increase in the rates for the insurance which required us to look at the benefit and what would be most advantages for the majority of our members.
We decreased our share dividend rate on the Platinum to .35% effective January 1, 2010 which caused a decrease on the Gold account to .10%. Between this reduction and the increase in our insurance rates we are convinced it is in the best interest of our membership to move all funds from the Gold account to the Platinum account increasing their return by .25% on their funds and eliminating the life savings insurance coverage. In today’s rate environment, we continually review and compare our rates to our competition. This move will allow us to continue to offer some of the top rates in our area for basic savings accounts and money markets.
We know many of you had this account for the insurance benefit, but we also know many of you kept your funds in the account because it was the account you always had and wanted to keep your money safe and easy to manage, for the members who wanted to keep their money safe and easy to manage there is no change except and increase in dividends of .25%. For the members that have kept their money in the account for the insurance benefit, we know this is a disappointment to you. We are one of the select few credit unions to continue this coverage as long as we have but rates and times have made it to where we had very little choice in the matter. You have received and will continue to receive great rates as long as your Board continues to make the tough decisions we have made.
If you have any questions, please feel free to contact us at 1-800-392-7122.
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