CHAMPAIGN, Ill. (3/2/12)--The University of Illinois Employees CU (UIECU) received a letter praising its simple and transparent checking fee disclosures from U.S. Sen. Richard J. Durbin (D-Ill.)
Durbin is known as a critic of banking fees and was author of the amendment in the Dodd-Frank Act that requires the Federal Reserve to limit interchange fees on debit cards.
In the letter, written Feb. 28, Durbin commended the $255 million asset, Champaign, Ill.-based credit union "for providing your customers with a concise and consumer-friendly disclosure form listing the fees and key terms associated with your checking accounts.
"By making comprehensive fee information available in a simple, easy-to-read format developed by the Pew Charitable Trusts, you have chosen to be upfront and honest with your customers about the fees you charge," said the letter.
Durbin said it was his understanding that UIECU "is the nation's first small credit union, as well as the nation's first university-affiliated credit union, to adopt the form" and that the credit union was leading the way "in providing transparency for student checking accounts."
"Your decision to adopt this disclosure form at your four local branches and on your website will benefit your student and community member customers, and it will help advance the cause of fee transparency to the benefit of consumers nationwide," Durbin said.
UIECU uses the disclosure forms for six types of checking accounts, according to the credit union's website. "We think banking should be simple, that's why we've made our disclosures easy to read with no hidden fees or charges. Banking, simplified," says the site.
Use the link to review the disclosures for the credit union's Share Checking, Campus Checking, Illini Advantage Checking, Illini Advantage PLUS Checking, Eco-Checking and Fresh Start Checking.