topic Metro Credit Union, MA: strange! in Personal Finance

Metro Credit Union, MA: strange!

Anonymous — Tue, 01 Jun 2021 15:47:47 GMT

Metro Credit Union has good rates on IRA certificates (good being relative, and less than 1%!) so I opened one. But their membership savings has a strange gotcha.

If your savings account is between $5 and $150, they charge $2 a month (unless you have a loan). A CSR told me that a minimum of $5 would avoid the fee, but it appears he meant "if your average monthly balance is $5, then no fee). Since I had $30 in there, it is now $28.

Not very happy, but can't shut the IRA without fees, so have to add $150 to savings, and then no more IRA adds!

Re: Metro Credit Union, MA: strange!

coldfusion — Tue, 01 Jun 2021 16:12:39 GMT

My mother has been a member for years. I just doublechecked and her membership account still has the same $5 balance. She doesn't get assessed any fees.

They've always been competitive with their CD and money market rates.

Re: Metro Credit Union, MA: strange!

babygirl1256 — Tue, 01 Jun 2021 18:10:56 GMT

longtimelurker ~ That's a bummer of a deal . . . eventually the $2.00 fee will reduce the account balance to $0.00!

Re: Metro Credit Union, MA: strange!

Anonymous — Tue, 01 Jun 2021 20:18:41 GMT

@babygirl1256 wrote:
longtimelurker ~ That's a bummer of a deal . . . eventually the $2.00 fee will reduce the account balance to $0.00!

Well, I guess what would happen is that it gets reduced to $6, then to $4, and since you then hit the magic $5 or less, it stops there!

After my complaint, they restored the $2, and told me to either put $120 in or they could send me a check to reduce it to $5

Really don't get it. If they don't need a fee for under $5, why the $5-$150 has one makes little sense!