Patelco Cuts 39 Fees
In an effort to improve service to members, Patelco Credit Union said it has cut 39 fees.
The Pleasanton, Calif.-based cooperative said Monday the move will save its 279,000 members nearly $800,000 annually.
Earlier in the year, Patelco said it ended balance transfer fees to make the transition easier for new members.
Other services that are now free include extended overdraft card replacement and early mortgage payoff, according to Patelco.
“We determined there were numerous fees that don’t support our role as a member-focused financial institution,” said Patelco President/CEO Erin Mendez. “Ultimately, we’re here to serve members’ needs, not to make a profit. We believe cutting fees is in the best interest of our membership and the communities we serve.”
The $4 billion Patelco reported a $52 million net profit in 2013, boosted by nearly $48 million in noninterest income, according to its financial performance reports posted on the NCUA's website. As of March 31, the credit union reported a nearly $10 million net profit.