In an effort to improve service to members, Patelco Credit Unionsaid it has cut 39 fees.
|The Pleasanton, Calif.-based cooperative said Monday the movewill save its 279,000 members nearly $800,000 annually.
|Earlier in the year, Patelcosaid it ended balance transfer fees to make the transition easierfor new members.
|Other services that are now free include extended overdraft cardreplacement and early mortgage payoff, according to Patelco.
|“We determined there were numerous fees that don't support ourrole as a member-focused financial institution,” said PatelcoPresident/CEO Erin Mendez. “Ultimately, we're here to servemembers' needs, not to make a profit. We believe cutting fees is inthe best interest of our membership and the communities weserve.”
|The $4 billion Patelco reported a $52 million net profit in2013, boosted by nearly $48 million in noninterest income,according to its financial performance reports posted on the NCUA'swebsite. As of March 31, the credit union reported a nearly$10 million net profit.
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