PLEASANTON, Calif., July 14, 2014— Patelco Credit Union, one of California’s largest credit unions with more than $4 billion in assets, announced today it will cut 39 fees, saving members close to $1 million annually. The decision to reduce fees is part of a larger initiative to improve service to members.
“We determined there were numerous fees that don’t support our role as a member-focused financial institution,” said Patelco President and 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.”
Earlier in the year, Patelco ended balance transfer fees to make the transition for new members to the credit union easier. Other services that are now free include:
· Extended overdraft
· Card replacement
· Early mortgage payoff
While many banks have increased fees, Patelco provides an alternative solution where fees are not the norm. Credit unions, such as Patelco, do not pay shareholder dividends but rather reinvest surplus income toward member-centric initiatives such as lower interest rates on auto and home loans and fee reduction.
About Patelco Credit Union
Founded in 1936, Patelco Credit Union ranks among the largest credit unions in California and the nation with more than $4 billion in assets and more than 277,000 members. Throughout its 78-year history, Patelco has helped its members and their communities prosper through volunteer initiatives and personalized service that focuses on transparency, simplicity in banking, and garnering trust. Patelco is a federally insured, not-for-profit, full-service credit union that offers the same types of products and services as large banks. For more information, visit Patelco Credit Union at www.patelco.org.