We’ve listed some of the major changes below and included a link to the full list of fees at the bottom of this page. These changes will go into effect May 1, 2017.
Changes to Note
Non-Sufficient Funds & Privilege Pay
We wanted to highlight that we have not increased these fees even while many other financial institutions in our area charge much more. We know these fees can add up.
We have removed the fee for sending faxes as this service is no longer offered at our branches thanks to the ability to scan and email documents.
Automatic transfers from share or draft accounts are still $2 per transaction. However, there is now a $4 per transfer fee for automatic transfers from lines of credit. Remember, you can easily avoid these fees by making the transfers online or via telephone.
IRA & HSA Accounts
The cost to set up an IRA account has increased from $5 to set up with a $6 annual maintenance fee to $12 to set up and a $12 annual maintenance fee. We have also added the same setup fee of $12 and annual maintenance fee of $12 for HSA accounts. These types of accounts require third party management and bring additional expenses to MFCU. We strive to keep our fees competitive, but we also need to cover the costs of these types of accounts.
Beginning January 1, 2018 we will begin charging a $5 fee for each paper statement mailed to your home address. This is in an effort to reduce the volume of paper supporting our operation and to manage expenses more effectively.
Please remember that eStatements are free. We are delaying implementation of the $5 fee for paper statements until January 1, 2018 so that members have plenty of time to transition to eStatements. To transition to eStatement delivery please contact us or visit one of our branches.
Members that are younger than 18 and older than 65 are excluded from the $5 per paper statement fee, but we encourage all members to register for eStatements.
We work hard to present fair and reasonable fees to our members. We attempt to offer alternatives wherever we can to give you an option to avoid fees, and we encourage you to manage your funds to ensure your accounts have sufficient balances to cover your payments.
To learn more about fee changes, funds availability, check holds and other policies click here.List of Fees
If you have any questions or concerns regarding the changes to our fees, please let us know!