Found a hidden fee trap at a credit union in Portland last Thursday

I stopped into a local credit union in Portland last week to ask about a simple savings account. The teller was nice enough, but when I asked for a fee schedule, she handed me a 3 page document. Turns out there's a $5 monthly fee if your balance drops below $300, plus $2 for paper statements. I asked about the online account they advertise and she said that one has a $35 annual fee after the first year. No one mentions this stuff when you walk in the door. A friend at work got hit with $60 in fees over 6 months before she noticed. Has anyone else found surprise fees at places that claim to be 'member friendly'?

2 comments

2 Comments

ninas704d ago

That sucks. Good on you for actually reading the fine print before signing up most people don't bother.

jessicamiller4d ago

Ninas70 is right, most people don't read the fine print. But that's exactly how these places get you. They bank on you trusting the "member owned" marketing and not digging deeper. I've seen credit unions that charge a inactivity fee just for not using your card for 90 days. It's hidden in paragraph 12 of some document they hand you after you sign up. Really makes you wonder what "member friendly" even means anymore.