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It might be the first fee this type in the country as FW and Google search brought up nothing.

This morning, I received an email from Dade County Federal Credit Union (dcfcu.org) advising they are instituting $1.99 monthly Security Fee for all checking accounts.

The message says: effective June 1, 2011, all active checking accounts will be charged a $1.99 monthly security fee (service offered by Merchants Information Solutions, Inc.,
www.merchantsinfo.com).

However, the attached pdf flier says:

If you choose to waive this valuable security measure or have any
questions or concerns about this new added protection on your
account, you are invited to contact us.

It appears that a customer has an obligation to opt-out or be charged new monthly fee.


Notice from DCFCU:

Changes Coming June 1, 2011
$1.99 Security Fee
ARE YOU AT RISK OF
IDENTITY THEFT?
WOULD YOU LIKE THE
ASSURANCE OF KNOWING
YOU ARE PROTECTED?
Every day, thousands of people become victims of identity theft. It is a
billion dollar business for thievesÖ and a billion dollar loss for victims.
At Dade County Federal, your privacy and the security of your financial
information is our top priority, and we are continually upgrading our systems
to that end. To assist in providing the security measures to fight identity
theft and fraud, effective June 1, 2011, all checking accounts will
be charged $1.99 per month for security protection.
As we implement these measures to safeguard your account, we are
offering another benefit to you. If you suspect or have confirmed identity
theft of ANY kind, even if it does not pertain to your Dade County Federal
account, we will provide professional identity theft recovery benefits
covering both financial and non-financial fraud.
WHAT DOES THIS MEAN
FOR YOU?
This provides you with added protection if any of your financial
and/or personal information is compromised. This new service
will assign you a professional Identity Recovery Advocate, who
will assist you with the necessary paperwork and other details to
help restore your identity and resolve any issues. Plus, you have
reimbursement insurance for any necessary recovery expenses
up to $10,000* like lost wages or attorney fees. This service also
extends to your immediate family members. Itís a new dimension of
security from Dade County Federal.
If you choose to waive this valuable security measure or have any
questions or concerns about this new added protection on your
account, you are invited to contact us

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I cannot believe that a member focused credit union would do this

this is why I like to spend a lot of times on sites like FWF. I get to know the latest trend in the industry or knowing what funny things my banks will pull before I even get the letters in the mail.

Can we stop beating the anti-big-bank drum now that credit unions are evil too?

Are they allowed to automatically opt you in to what sounds like insurance? I'll be on the lookout for this from my bank(s).

Sue them, sue them all!

Alcibiades said:   I cannot believe that a member focused credit union would do thisSome credit unions have become more like other member organizations. Think AARP or unions. They are increasing run for the benefit of the leadership and not the memebership. At least in theory they are at the beck and call of the membership, however the structure precludes any direct challenge to their rule.

Credit unions have increasingly become marketing organizations where the organization gets more benefits from their various promotions than the individual. For example, many credit unions now have investments in their branches. These are typically not credit union employess but rather employees of investment organizations. Typically they are selling front load mutual funds and annuities and very expensive ones at that.

The credit union gets what amounts to a kickback of member's disadvantaged investments. The membership gets a share of that in more preferential rates for other services. However, to me that is like selling crack to some members and sharing the profits all memebers.

It's very popular with credit unions.

I used to wonder why our grandparents kept their money in their mattress. I think I am starting to get an idea why.

We're talking about Miami...corruption and kickbacks have no limits here! Shame on you for thinking otherwise!

My credit union did the same thing. I called them up and was like, I don't want it and they're like, ok, we'll remove you. I questioned the gal on the line why the flyer made it sound like it was a mandatory fee and they couldn't give a legit answer.

wizardknight said:   I used to wonder why our grandparents kept their money in their mattress. I think I am starting to get an idea why.

Pretty sure they used to keep the money under their mattress because FDIC insurance either didn't exist or they didn't trust it for some reason. I would bet everyone paid considerably more than $1.50 for the amount of services we get from banks these days.

BTW I'm not saying the fee is justified or right... but to say that a $1.50 fee that can be opted out of is a reason someone should consider not putting their money in a bank is a foolish exaggeration. It might be a good reason to choose another bank, but nothing more.

LordB said:   wizardknight said:   I used to wonder why our grandparents kept their money in their mattress. I think I am starting to get an idea why.

Pretty sure they used to keep the money under their mattress because FDIC insurance either didn't exist or they didn't trust it for some reason. I would bet everyone paid considerably more than $1.50 for the amount of services we get from banks these days.


You might get alot of services out of your bank, but all some people expect is a place to store money, a monthly statement, and occasional ATM access or checks. I'd be upset if my credit union started charging me for other peoples' billpay, investments, credit cards, teller visits, etc.

ajh5408 said:   Can we stop beating the anti-big-bank drum now that credit unions are evil too?

I'd be willing to bet that right about now a mid- to high-level Dade County FCU exec is paying lip service to the organization's "core values" in a meeting somewhere, and that one of those core values is "Helping Our Customers" or something like that.

BarryAndLevon said:   ajh5408 said:   Can we stop beating the anti-big-bank drum now that credit unions are evil too?

I'd be willing to bet that right about now a mid- to high-level Dade County FCU exec is paying lip service to the organization's "core values" in a meeting somewhere, and that one of those core values is "Helping Our Customers" or something like that.
Yeah! I prefer my lip service to come from J.P. Morgan.

*shudder*

emre1000 said:   My credit union did the same thing. I called them up and was like, I don't want it and they're like, ok, we'll remove you. I questioned the gal on the line why the flyer made it sound like it was a mandatory fee and they couldn't give a legit answer.

because a lot of people will either believe it is mandatory despite the ability to opt-out, or will never read enough to know the fee is there til months/years down the road when they realize they've been getting hit for a measly fee every month.

This credit union is opening an office where I work at Miami Children's Hospital. I was flat out told that the fee is required for all new accounts and that I would not be able to opt out. I stood up and walked out. I have been looking for a new credit union account since Space Coast Credit Union raised their fees and had been eagerly awaiting the new office here at the hospital.

What a disappointment.



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