Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
MDDCCUA CEOs letter on courtesy pay in IUSA TODAYI
NEW YORK (8/13/09)--A letter in Wednesday's USA TODAY from Maryland and District of Columbia Credit Union Association President/CEO Michael Beall says that courtesy pay is a safety net for struggling members. Beall responded to a recent article about courtesy payments, which cover members' checks when they have insufficient funds. The orginal article indicated the service is primarily a profit center "Such courtesy payments are a short-term safety net for members struggling to stay on their feet," Beall wrote. He noted the article underscored important differences between courtesy payment programs of credit unions and those of banks: credit unions charge less than banks and typically use the fee to subsidize favorable interest rates on other services. Credit unions realize their obligation to educate their members about the financial responsibility, he said. Beall's letter was published on the newspaper's editorial/opinion page and online. For the full letter, use the link.
Other Resources

RSS





print
News Now LiveWire
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
14 hours ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
15 hours ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
17 hours ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
19 hours ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
19 hours ago