Credit Cards

[score_building]

'The following changes to ACH fees will be effective July 1, 2009.

1. The fee for a Returned Preauthorized/ACH Return NSF increases from $25.00 to $30.00.

2. The fee for an ACH on Demand Returned by another Institution (for loan, savings and checking accounts) increases from $5.00 to $30.00.

3. A Returned ACH Loan or Credit Card Payment fee of $30 will be implemented.'

of course these are fees most of us avoid like the plague and will never encounter in any case but they are beginning to become indistinguishable from bank fees and apparently pen fed is/ was considering becoming one.

[txjohn]

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score_building wrote:

'The following changes to ACH fees will be effective July 1, 2009.

1. The fee for a Returned Preauthorized/ACH Return NSF increases from $25.00 to $30.00.

2. The fee for an ACH on Demand Returned by another Institution (for loan, savings and checking accounts) increases from $5.00 to $30.00.

3. A Returned ACH Loan or Credit Card Payment fee of $30 will be implemented.'

of course these are fees most of us avoid like the plague and will never encounter in any case but they are beginning to become indistinguishable from bank fees and apparently pen fed is/ was considering becoming one.

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Rather, I think it is exactly what you illuded to:  "these are fees most of us avoid like the plague....."

Moreso than trying to become a bank, I would suspect they are trying to provide enough "disincentive" that more people will avoid NSF and returned ACH payments, "like the plague." 

If the fees are low or even waived, then some people will not avoid them.  Like a speeding ticket, many people will only follow the rules if they fear some type of financial consequence to a particular action.

[hobojon]

Penfed is considering becoming a mutual savings bank.

[Ulan]

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hobojon wrote:
Penfed is considering becoming a mutual savings bank.

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They have been talking about this for years, but with their recent losses caused not by them, but the corporate CU's in the center of the CU system, they were putting new effort into this. 

[pjohnston2]

I understand a credit union - members are 'members' - they owns shares of the union.

What about  a savings & loan (which is what USAA is, right?)    and      a mutual savings bank?

[score_building]

pjohnston2 wrote:

I understand a credit union - members are 'members' - they owns shares of the union.

What about  a savings & loan (which is what USAA is, right?)    and      a mutual savings bank?

correct, a credit union  is a cooperative financial institution that is owned and controlled by its members.  

a s&l or mutual bank has bank 'customers'.  the bank customer runs the risk of his/ her interest being subverted by the goals and directives of the Board of Trustees.