Family Matters/ by Ray Wong


by


Watch out: Those inactive service fees can come back to bite you in pocketbook


normally bank at California Coast Credit Union but opened a savings account at the East County Point Loma Credit Union (PLCU) in 2003 because it was closer to my house. Credit unions allow a customer to make transactions within the shared network so it was convenient for me to deposit and withdraw money from my California Coast account through the Point Loma location.


I


I never paid much attention to the savings account at PLCU and didn’t look at the quarterly state- ments sent to me because they all pretty much said the same thing. Recently, I opened a statement from PLCU and it showed a series of service fees charged against my savings account: Inactive Fees for


$10 a month and Saving Maintenance Fees for $3 a month. I only had maybe $80.00 in the savings, but my balance showed $9.55 after the fees.


I went into the branch and spoke to the manager, who informed me that these fees had been assessed monthly since 2010. They had sent letters notifying customers that savings account balances that fell below $300 would be charged $3 a month in Savings Maintenance Fees. Savings accounts in which there had been no deposits or withdrawals for 18 months would be charged $10 a month in Inactive Fees.


The first set of fees had been charged to my account going back to November 2010. The second set of fees began in October 2011. I had incurred losses of $72.00 to my savings account.


The manager told me that he could waive the $30 of Inactive Fees if I deposited enough money to increase my balance to $300.00 but that the credit union would be suf- fering a loss if he waived the series of $3.00 Savings Maintenance Fees. He said the credit union had sent out notices and they were “legitimate fees.” I failed to see how the credit union would be suffering a loss because the fees were obtained from my savings account. We agreed to disagree, and I closed out what


remained of my savings account before further fees could be levied.


I sent an e-mail to the upper management at PLCU regarding the service fees and received a reply from the vice president of retail operations defending the fees. She stated that the credit union strives to be the primary finan- cial institution for its members and that they incur expenses if a customer only has a savings account.


I asked for a face-to-face meeting to dis- cuss this and have not heard from her in two weeks. At this point, I have sent anoth- er e-mail to the PLCU Supervisory Committee to meet with me regarding the fees and I’m waiting to hear back. I accept responsibility for failing to read


the notices regarding the initiation of service fees, but I’m more than a bit disillusioned by a credit union that doesn’t seem willing to meet with a former member about their policy.


Family tip: Check your bank’s policy regarding serv- ice fees and minimum balances. If you are affected by service fees, ING Direct is an internet banking site that offers higher yield, FDIC insured savings and checking accounts with no minimum balances and no service fees. They can also provide a direct link to your checking account at other institutions. I’ve been banking with them for years and have always received excellent customer service.


Family quote: “Everybody has to throw up some- times.” 8-year-old Kristie.


(Ray M. Wong is a freelance writer whose stories have


appeared in “Chicken Soup for the Soul” books, the “USA Today,” and his memoir, “Chinese-American: A Journey of Discovery,” will be published by Kitsune Books in 2013. E-mail comments to ray@raywong.info or through his website: www.raywong.info.)


Feb. 26-March 18, 2012 ASIA 41


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