Changes to the Paper Statement Fees
You Spoke, We Listened!
Earlier this year, we made eStatements the preferred method of delivery. Since then a significant number of members have made the switch to eStatements. This migration has assisted the credit union in reduction of costs and cut down on the use of resources. We have also received a number of suggestions from members which has resulted in positive changes to this program. We would like to take this opportunity to announce important changes in how the $2.00 Paper Statement Fee will be assessed.
If you have Savings or Certificates of Deposit (no checking or loan) you originally received quarterly statements and an occasional monthly statement due to an ACH transaction or Online Banking transfer which may have posted against your Savings account. When converting to the paper statement we thought it best to offer monthly statements on all accounts. Based upon your feedback we have eliminated monthly statements and have returned to the quarterly statement cycle. Again, the quarterly statement will be generated if you have only Savings or Certificate of Deposits (no checking or loan). This move will reduce your Paper Statement fee by two thirds.
Members Exempt from the paper statement fee:
- Members with an aggregate balance of $5,000 or more in their deposit accounts, at month end will be exempt from the paper statement fee.
- Members under the age of 18 years old will continue to be exempt from the paper statement fee.
- If you receive a quarterly statement you will only be assessed a paper statement fee once each quarter. Note: If an ACH posts to your account or you perform an Online Banking transfer in the middle of the quarter it will generate a statement at month end. If the statement is generated at other than quarter end an additional paper statement fee will be assessed.
- The paper statement fee will post on the first business day of the month for the prior month's statement. (i.e. February's statement fee will appear on your March statement).
- If you have a share draft (checking) account the paper statement fee will post to your checking account: however if you do not have a checking account the paper statement fee will post to the regular shares account (savings).
At STAR Community Credit Union, Your opinions matter to us!