The staff cuts will affect the 600 people who currently work at the credit unions headquarters, according to an article in the Tampa Tribune.
GTE recently closed eight branches across the country and said that it will close more branches in Orlando soon.
The lay offs and branch closings come after merger plans for GTE and Suncoast Schools Federal Credit Union were called off in July. Both Bucky Sebastian, GTE president/CEO, and Tom Dorety, Suncoast Schools president/CEO, said that calling off the merger was a mutual decision because due diligence found that the disruption in operations the merger would cause would outweigh the benefits.
ATM and Overdraft Fees Still High, Says Bankrate
Washington lawmakers may be preparing tough laws on ATM and overdraft fees, but according to Bankrate Inc. a Florida newsletter firm, those fees continue to climb recording highs "in almost every category."
In compiling data from banks and thrifts under its "2009 Checking Study" completed in August, Bankrate found bounced check fees and tiered fee structures now average $29.58 for a customer's first overdraft, up 2.1% from the $28.95 last year.
"ATM surcharges are up 12% this year to a new record high of $2.22, almost double what they were in 1999," said Bankrate. Last year the ATM surcharge averaged $1.97.
The average monthly service charge for an interest checking account "hit a new high of $12.55, up almost 5% from last year," concluded the report which surveyed the top five banks and thrifts in 25 U.S. markets.
In a press release, Bankrate said its report was timely, considering "all the pending legislation over bank fees with banks claiming they're going to lower their fees soon."
AmeriCU Credit Union Holds Special Seminar for Women
AmeriCU Credit Union in Rome, N.Y., held a free financial seminar for women as part of its 2009 Financial Education Series.
The seminar presented tips on enhancing financial education and how to recognize and act on current trends in today's economy.
"It's important for women to be financially savvy," said James Lombardo, chief operating manager at AmeriCU. "In today's world of challenging economic times more women are earning higher paychecks, bringing in single incomes and need to know how to make their money work for them."
This is the third financial seminar the credit union has held in its northern membership region and is the first to focus on a women-only demographic. Since May, the credit union has held a "Money 101" and a home buyers seminar in its Utica-Rome membership area.
"We're encouraging our members to take advantage of this opportunity," said Tine Wildhaber, regional manager or the credit union's northern region. "Although this is the first of its kind our goal is to turn this seminar into a series of seminars about different topics women are interested in learning about. We have the staff and the knowledge to share and we're happy to offer it."