Arizona Federal Credit Union, Arizona Federal, AZFCU, Who owns a credit union?

A credit union, by the nature of its organizational structure, is owned by the members. Each member is an equal owner, regardless of their balance size, length of membership, account activity. So if you have $25 in your account and Ronald L. Westad, President of the credit union, has over $100,000 in his account, he is not an owner any more than you! Instead, you are both equal owners, each owning 1 share of the credit union. Whereas banks are usually owned by stockholders, a credit union is owned by the people who are members of that credit union. Since the members own the credit union, the employees, such as Mr. Westad, should be working for the member-owners, not against them. Did Mr. Westad forget who owns the credit union?

If you are a part or full owner of an organization, and you are unhappy with the performance of your employee(s), what are you going to do about it? If your employees are not behaving properly, are not working in your interest, or are stealing from you, what are you going to do about it?

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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4 Responses to Arizona Federal Credit Union, Arizona Federal, AZFCU, Who owns a credit union?

  1. Bob says:

    This place has become a joke. Long lines, unhappy tellers and angry members. I can’t wait to dump this for profit credit union. I was told the fee was for there mobile application and the fact they offer a dividend. You need about 2 million dollars in the account for the dividend to equal the yearly total of the fees. Their online banking sucks. Their new security to get online is outrageous. I clear my cookies daily on my computer and every time I do I have to request a new access code from this backwards ass CU. By October 1st I will be history and will never return. the Board is a bunch of morons.

  2. Robin Claus says:

    Yes, I agree with the disagreement of the $3 monthly membership fee as a stand alone.

    It has automatically been deducted from my account each month. I disagree with the method of collection. I let no person or institution automatically deduct from my primary account. I had no choice in the $3 automatic deduction, don’t agree. On several occasions it has nearly caused my an insufficient funds situation. If I must pay $36 per annum to the credit union in order to remain a member (which I did not vote for such a fee), I would prefer to pay the fee all at once issued by myself from whatever source I chose and not as an automatic deduction. I think forcing access to fund this fee is improper in my humble opinion.

    Having said, the AZFCU has been a great institution to do my financial transactions through the years. There have been policies I have disagreed with in the past but I didn’t have an option in those instances except close my account.

    When I joined, in writing said my membership was free. With me, It’s not so much the fee, but the way it is obtained.

    I am thankful to the AZFCU to allow me to be an active member and treat me with the utmost respect for the most part.

    When my account was breach by a VISA internal employee, the AZFCU worked in an expedited courteous manner to rectify the problem though it was a VISA fault.

    Back to the $3 membership, anyone who has been around as long as I have, remembers there used to be a minimum balance of $25 regardless or your account could be closed. Since my divorce I did not ask for 4 years ago, I had been so concerned, fretting and losing sleep that I was not able to maintain the minimum, I might lose my account, something I never had concern for 32 years prior to and during the marriage. I was recently informed the AZFCU omitted that requirement years ago. I am grateful because for the past week and for the next 4 days, I can go to sleep knowing the AZFCU will not close my account this month because I am retired, can’t work, lost so much due to the divorce and with unexpected expenses, it was critical my account ends this month with a balance of $7 and change, until November 1st.

    So, you see, if peace of mind only costs me $36 per year, I’ll live with it, even though that would almost pay my vision care insurance premium for a year. I just cannot afford to lose piece of mind when so few institutions allow free checking, free checks, free bill pay, free internet services, free phone calls, no minimum balance.

    I am sorry if this is not what you wanted to hear but maybe more people haven’t voiced their concerns in writing or publicly because they may be seeing the issue a bit more like I do, I am thankful for what little I have left in my new life of humble means, including my AZFCU account.

    If you ever want to address the idea that the AZFU use Walmart as a “Shared Branching” or convenience facility so I could make a deposit at any Walmart to credit my AZFCU immediately, you could count on my support and I know others would appreciate it too since every state doesn’t have a 7-11 convenience store everywhere, but there’s nearly a Walmart within a couple miles across this country. Sincerely, Robin Claus.

    • Your conclusion is inconsistent with your statements. You are grateful they no longer require a $25 minimum share savings balance, but being charged $36 annually gives you peace of mind? How can that possibly give you “peace of mind.” When people steal from me, it doesn’t give me peace of mind.

      IF a credit union requires a $25 balance, that money is still yours and goes back to you if you close your account. $36 in annual fees are gone forever. No reasonable person would say that is better now.

      “I am thankful to the AZFCU to allow me to be an active member and treat me with the utmost respect for the most part. I had been so concerned, fretting and losing sleep that I was not able to maintain the minimum, I might lose my account, something I never had concern for 32 years prior.”

      I’m baffled at your statement. They “allow” you to be an active member? That’s silly. Arizona FCU doesn’t “allow” you to be a member after joining. They charge you $3 every month to be a member! Unless you are with AZ FCU, once you join a credit union, and keep the required minimum balance, you are a member for life, unless you abuse your account. This is the standard, “Once a member, always a member,” policy which is a staple of credit unions. However, at AZ FCU, they abuse you by stealing $3 from you every month.

      “…and treat me with the utmost respect.”
      Charging you a monthly fee for already being a member is anything but treating you with the utmost respect! A thief is not respectful when stealing from you!

      If you have a low balance, they drain your account to zero and thus you are no longer a member. If you lose your account at AZ FCU, that would actually be a positive, since you would no longer have $36 stolen from your account each and every year. There are plenty of Arizona credit unions that don’t charge a monthly fee. Maybe AZ FCU drained the money from your account and you were unable to afford your medication, thus preventing you from thinking clearly?

      Your post shows how Arizona FCU is taking advantage of the poor and uninformed, those who this unavoidable $3 monthly fee hurts the most!

      If you go here, you will find many credit unions with free checking and free online billpay. Did you read the other pages on this site?

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