EUGENE, Or. — The $730 million Oregon Community Credit Union has rolled out a checking account that refunds members' ATM fees as long as the member meets some qualifying criteria.
The so-called Remarkable Checking accounts pay 6.01% and will refund the members' fees to foreign ATMs provided the member enrolls in eStatements; has at least one login per month to Internet Banking; uses either direct deposit or electronic auto debit; and uses their debit card at least 10 times at point of sale.
The credit union reported that response to the Remarkable Checking account has been "overwhelmingly positive" and added that it opened more than 3,000 new Remarkable Checking accounts in the first three weeks alone.
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"We're really excited to be offering our members a checking account that is truly remarkable compared to other options out there," said Laura Illig, director of marketing at Oregon Community. "Our mission has always been to provide exceptional service to our members while helping them reach their financial goals. We see 6.01% APY and worldwide ATM fee refunds on a free checking account as just another opportunity to exceed their expectations while putting a little extra money in their pockets each month."
The credit union said it implemented Remarkable Checking in response to research that revealed that its members wanted to be rewarded for their loyalty with higher interest yields and lower fees, rather than with merchandise or similar options featured in traditional rewards programs.
"Participation in the four required services helps the credit union run more efficiently," explained Illig. "With Remarkable Checking we're able to reward our members–in the way that they want to be rewarded–for their loyalty and for the substantial savings they help us create. As a not-for-profit credit union that is owned by our members, we are always focused on returning savings to our membership in the form of higher dividends, and lower loan rates and fees."
Members who do not meet the requirements in a given month still receive 6.01% APY on their checking balances but no ATM fee refunds for that month. Account holders always have a chance to meet the requirements the very next month and there's never a maintenance fee, the CU said. –[email protected]
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