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October 19, 2009

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7/26/2012 04:05 PM

For the most part I agree. I still believe that people should know where THEIR money is and just what THEY have spent. Most retailers send a small verification transaction ($1 in most cases) to tell the retailer, I have a open - active account - that has money in it. Take a gas station, when you swipe your card (before you pump gas) your account is sent the verification transaction. You then pump your gas, get the receipt, and leave. You account is then sent the full transaction amount. Well if you have $35 in your account and to fill the tank is $40, is it the gas stations fault you didn't know the balance. I don't think so. I know that it is a different issue then a CU has, but at the end of the day I know what I have or don't have in my account. I don't expect a CU or a Bank to know my balances in real time.

Dakota Girl

7/26/2012 04:05 PM

Great article. Right on about personal responsibility --- it is G-O-N-E! I do hear people on the news whining about a fee on top of a $3 cup of coffe, but no one asked why he was spending money he didn't have. Hmmm...wonder why. But Randy always makes me think harder than I'd planned. I like the idea of taking a look at what we are doing from a new angle and making it work for everyone. Members DO need small loans and they SHOULD be more respected services. Let's create some Win-Win scenarios we can all live with.


7/26/2012 04:05 PM

Great article!

When you boil it down, the reason CUs allow debit card transactions to clear is purely their bottom lines. It's a very simple process to decline transactions where there is no available balance. To say that CUs are doing the member a favor by paying the transaction and then charging a fee is laughable. How is it doing the member (or the CU for that matter) a favor to charge a $25 fee for a $5 purchase? The member gets pissed off and CUs end up looking just like the banks.

I think where we can all agree though, is if margins weren't so tight or there were new lending opportunities many CU execs wouldn't have to rely on fee income nearly as much. So instead of defending overdraft fees and courtesy pay, we should all be fighting for 21st century solutions to increasing what Randy said :)


7/26/2012 04:05 PM

if we go back to the days of bouncing the check then the member will be hit twice with the fee from the FI and where the check is returned to...

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