Do $3 monthly weasel fees produce mutually beneficial results for all members, or only the richest members?

https://www.arizonafederal.org/about/presidentsmessage

As we move ahead, it’s important that we make sure that we’re all focused on what must be our common goal: creating and maintaining a strong financial cooperative. To this end, our Board of Directors and staff recently put pen to paper to craft a new mission statement that effectively captures the essence of what we’re all about:

“Our mission is to develop and serve an empowered membership through the delivery of financial services and expertise, producing mutually beneficial results.”

We have been, and will be, putting these words into action. As discussed in the most recent edition of our member newsletter, the credit union operates on a different business model than traditional organizations. We’re a cooperative, a group of people who have joined together to provide each other with affordable financial services and information for our mutual benefit. Our common goal is for each of us to become more expert at managing our personal finances, because if we do that it will strengthen both the cooperative and each of us as its member-owners.

So once again, thank you for your membership and continued participation. Let’s all continue to work together to fulfill our shared mission. We’re all better for it.

Sincerely,

Ronald L. Westad
President & CEO

Arizona Federal, we want to know the purpose behind these fees? How does a member with a small balance share savings account benefit when they are charged $36 annually in member fees simply for being a member? Even worse, there is no way to avoid the fee, short of the member voluntarily closing the account to avoid fees, or involuntarily having their money stolen from them by these excessive fees. How does this help the poor, the underserved, the minorities, who are trying to build their savings for a rainy day? Do you want to send them back to payday lenders and check-cashing stores with these weasel fees?

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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.
This entry was posted in angry members, principles, values, listening to members, underserved and tagged , , . Bookmark the permalink.

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