Service Charge CHANGES
Date Posted: May 29, 2013

Service Charge CHANGES

Questions and Answers

Effective July 1, 2013


*Click "View PDF" at the bottom to review the service charge changes*

Why do financial institutions have service fees?    

Credit Union services are maintained by being part of an extensive network that benefits members anywhere in Canada and to some extent around the world.  This network supports a variety of services.  Service fees help recover the cost of providing such services including cheque processing, card processing, bill payments and maintaining accounts.


Does everyone pay service fees?

Seniors, youth and community groups are provided limited free access to certain services.  If they exceed the limit, normal service charges are applied.


Tell me more about the service charges.  How much will they be and when will they be charged?                         

The service charges are listed in the "Service Charge" brochures. Most service charges are calculated and billed monthly at month-end.  The amount will be deducted from your account and will appear on your statement.


How frequently are service charges changed and how will I be notified?

Our service charge policy is reviewed bi-annually.  You will be notified of the changes at least 30 days prior to changes.  Notification will be included in your monthly statement.


Aren't you concerned about losing members?

Of course we're concerned.  And we know it's very hard for people to understand that the credit union is a business…But just like any other business, we must provide value, watch our cost of doing business and produce reasonable returns to us to remain in business.  We know there is some value to our service and there are costs associated with providing the service.  Service charges help us cover some of the costs related to the services we provide.


Why should I pay to withdraw my money if I'm using an ATM?

Credit unions belong to a national ATM network.  ‘ding free’ means that members pay no surcharges at credit union and other participating ATMs across Canada for withdrawals, deposits and balance inquiries.  A surcharge is a fee charged by an ATM owner at the time of the transaction and appears on the ATM receipt.  A surcharge ranges from $1 to $3, and comes with a warning screen before the ATM transaction is complete.  There will be fees at International ATMs and Non Credit Union ATMs.  There is a cost to the credit union for owning and operating an ATM, there is also a cost to being part of the ATM network.


I have an account that I haven't touched for some time, why am I be charged a service fee?

Even though there hasn't been any activity in your account, a credit union still has costs associated with keeping that account open - administration costs, auditing, staffing and overhead.  There might be a more cost-effective option for you such as merging it with another account or transferring the funds to a better investment product.


I would like to close my account.

A review of our service charges indicates that we have priced our services competitively.  We ask you to continue supporting your local financial institution.  The credit union is a strong supporter of the community.  We draw our membership and assets from the community and in turn put our financial resources to work in Raymore and surrounding communities.  Like any business, the credit union must provide something of value, watch costs and produce reasonable return to remain in business.  Service charges help to assure that we continue servicing the financial needs of our community. 

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