Why is the $3 monthly weasel fee, which encourages the poor and young to leave Arizona FCU, a foolish, short-sighted decision?
1 It is not ethically right, because it is intentionally discriminatory to the young and poor.
2 It is not good for the community, to impose a burdensome $3 monthly weasel fee that disproportionately hurts the poor.
3 It is not sensible, because the poorer and younger members, as a whole, will become richer and older as they gain more career experience. Once they are no longer members, but instead angry former members, they will be far less likely to look to Arizona Federal when they need loans. Arizona Federal will miss out on making profitable car loans and mortgages.
Are the Poor Getting Poorer? No. The Poor get richer over time.
4 It jeopardizes the tax-exemption for the credit union, since Arizona Federal is trying to force people of modest means to give up their memberships. A key reason why credit unions are tax-exempt is that they are mutually beneficial for their entire community, including people of modest means – not just cherry picking today’s richer members.
5 It jeopardizes the tax-exemption for all credit unions, as it causes politicians to question why credit unions have the tax-exemption in the first place.
6 It is contrary to the statement that Arizona Federal will be “mutually beneficial,” because too many members do not benefit from the $3 monthly weasel fees, that cannot be avoided unless they give up their memberships.
7 It damages the credit union movement and makes credit unions look bad. Previously, Bank Transfer Day, was a huge event, triggered by anger at uncaring, high-fee banks. Now, Arizona Federal Credit Union has become as hated as Bank of America with its high-fees and arrogant, uncaring attitude. Arizona FCU is giving credit unions in general a bad name.
Reverse course. Admit the $3 weasel fees were a mistaken experiment that members did not want. Refund all the $3 monthly weasel fees that were charged. Apologize to the members. Invite them to reinstate their accounts without penalty.