Arizona Federal Credit Union is abandoning their common bond mission of People Helping People.

http://www.arizonafederal.org/membership/

“You’d be crazy not to choose Arizona Federal for all of your banking and personal finance needs!”

We’re local! We serve and employ Arizonans at our 15 Valley locations. And our home office is on 44th Street, over 2000 miles away from Wall Street!”

Wrong.  You’d be crazy to let Arizona FCU pick your pocket for $3/month so the executives and employees can line their pockets with YOUR money. 

“We’re not-for-profit! Our income gets reinvested in our cooperative – not paid out to stockholders in other states or other countries.”

Wrong.  In 2012, Arizona FCU made $44 million dollars.  Divided by 162,000 members, thats $275 profit per member.  Yet in January 2013, Arizona FCU began charging members $3/month, which is $36/year.  Since their net worth ratio is almost 10%, far in excess of the government required 7%, it shows how greedy they are to charge excessive fees that have no business need. 

If it were true that you were reinvesting the $44 million profit in the cooperative, you would be distributing a $275 bonus to every member.

 The truth of the matter is, that The Power of Us, is a hijacking of the membership by the richer members and the executives, who will only get richer by a transfer of wealth from the younger, poorer members to the older, richer members and employees. 

Is Ronald L. Westad, President and CEO of Arizona Federal Credit Union, a multi-millionaire who needs more of YOUR money to line his pockets?

“It’s sensible being one of us (fatcats).”

Wrong.  Only a fool would stick with Arizona FCU when there are so many alternatives that don’t try to gouge you so that the CEO can get a bigger bonus.

 http://www.arizonafederal.org/locations/

“It’s easier being one of us (fatcats).”

Being ripped off for $3/month in membership fees is not easier, it’s harder.

 https://www.arizonafederal.org/checking/

“It’s safer being one of us (fatcats).”

Isn’t it ironic, that Arizona FCU talks about being protected, while at the same time stealing $3/month from 162,000 members or $486,000/month which is almost $6 MILLION each and every year!

https://www.arizonafederal.org/loans/

“It’s rewarding being on of us (fatcats).”

NO, AZ FCU is PUNISHING members $3/month or $36/year being one of “us.”

https://www.arizonafederal.org/investments/

“It’s reassuing being one of us (fatcats).”

NO.  It’s disconcerting to know that every member has $3 stolen from them every month. 

https://www.arizonafederal.org/business_services/

“It’s comforting being one of us (fatcats).”

NO.  It is stressful knowing that my account is being needlessly charged $3 every month.

 What do the member-owners of Arizona FCU want?

1  Elimination of the $3 weasel membership dues that are unnecessary and undesired by the member-owners.  The member-owners never asked for this exploitive fee.  The Board of Directors, who should be representing the needs of the members, have failed the members.

 2  Automatic refunding of the $3 weasel membership dues that were charged, whether to current or former member-owners. 

3  An apology for being aloof to the needs of member-owners and for not listening to the member-owners who are the true owners of the credit union.

4  Eliminate the $25 rejoining fee for member-owners who left after the $3 fee was announced.

 5  An invitation to restore the accounts of all for member-owners who left after the $3 fee was announced.

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About Arizona Federal Credit Union Members United

Arizona Federal Credit Union Members United is a group of over 100 members and former members who care about our credit union being run fairly. The leadership of the credit union has failed to represent us properly by enacting a new and unnecessary, unavoidable, unconscionable, $3 monthly membership fee that we did not want. The members did not ask for this. Before implementing such a counter-productive fee, the proposal should have been put up for a vote to all the members to decide, so the will of the people is followed. The member-owners of Arizona FCU should not be taxed $3 monthly, simply for being a member. We want all the $3 monthly member fees refunded to all current and past members, the elimination of the fee going forward, and the elimination of the $25 rejoining fee. We are against any financial institution charging an unavoidable ongoing membership fee, simply for being a member. This is the wrong approach. Members and customers should be valued, not punished. We want to see Arizona FCU succeed, not fail. Imposing unfair policies that are detrimental to the long-run success of the credit union and detrimental to society should be abolished.
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