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News Release: United Federal Credit Union Eliminates 12 Fees for Members in September

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September 17, 2018
ST. JOSEPH, Mich. – United Federal Credit Union (UFCU) announced its decision to eliminate 12 types of fees for members in early September. The fee types that were removed ranged from mobile check deposit to loan refinance, with costs for these services between $0.50 and $100. The move to eliminate these fees is expected to save Members over $35,000 annually.
 
“Every decision we make is done with our members’ best interests in mind,” said UFCU President/CEO Terry O’Rourke. “Our employees do an outstanding job of listening to members’ needs and developing actionable plans that will deliver on the promise we have made to improve their financial lives. Eliminating fees is one example of how we fulfill that promise.”
 
The elimination of the 12 fees came after both employee input as well as a review of UFCU’s fee schedule. The goal of the fee elimination plan was to provide a better experience to members.
 
UFCU’s decision also reflects a broader trend occurring among large credit unions in recent years, which is to rely less on fee income. As a not-for-profit, credit unions are governed by members rather than shareholders. Because of this, they tend to keep fees for members low.
 
“I am proud of our team for being proactive in the way we evaluate fees,” O’Rourke said. “Building relationships with our members and finding ways to give them the best service possible is what will keep United sustainable for years to come.”
 
 
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About UFCU
UFCU has served its Members since 1949 by helping them to build a sound financial future. UFCU consists of more than 168,000 Members/owners worldwide and manages assets in excess of $2.6 billion. Its corporate offices and main branch are in St. Joseph, Mich., with additional branches in Arkansas, Indiana, Michigan, Nevada, North Carolina, and Ohio. Federally insured by NCUA. Equal opportunity lender. Equal housing lender. For more information, visit www.unitedfcu.com.