Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Senator sends kudos to CU on account disclosures
CHAMPAIGN, Ill. (3/2/12)--The University of Illinois Employees CU  (UIECU) received a letter praising its simple and transparent checking fee disclosures from U.S. Sen. Richard J. Durbin (D-Ill.)

Durbin is known as a critic of banking fees and was author of the amendment in the Dodd-Frank Act that requires the Federal Reserve to limit interchange fees on debit cards.

In the letter, written Feb. 28, Durbin commended the $255 million asset, Champaign, Ill.-based credit union "for providing your customers with a concise and consumer-friendly disclosure form listing the fees and key terms associated with your checking accounts.

"By making comprehensive fee information available in a simple, easy-to-read  format developed by the Pew Charitable Trusts, you have chosen to be upfront and honest with your customers about the fees you charge," said the letter.

Durbin said it was his understanding that UIECU "is the nation's first small credit union, as well as the nation's first university-affiliated credit union, to adopt the form"  and that the credit union was leading the way "in providing transparency for student checking accounts."

"Your decision to adopt this disclosure form at your four local branches and on your website will benefit your student and community member customers, and it will help advance the cause of fee transparency to the benefit of consumers nationwide," Durbin said.

UIECU uses the disclosure forms for six types of checking accounts, according to the credit union's website. "We think banking should be simple, that's why we've made our disclosures easy to read with no hidden fees or charges. Banking, simplified," says the site.

Use the link to review the disclosures for the credit union's Share Checking, Campus Checking, Illini Advantage Checking, Illini Advantage PLUS Checking, Eco-Checking and Fresh Start Checking.
Other Resources

RSS





print
News Now LiveWire
Credit card issuers could see a reduced burden for 1 year under a @CFPB proposal issued this week. News Now: http://t.co/CYVXLUmVBq
1 hour ago
RT @CUEscan: Branches Will Be the Cornerstone of Growth http://t.co/fVqPPaGeVL http://t.co/xxMyKGQMrl
2 hours ago
RT @asmarterchoice: According to @Bankrate study, customers more likely to find FREE checking at #Creditunion than a bank! http://t.co/ntCb…
2 hours ago
Ditch monthly subscriptions to save $$, @YoungFreeMI Fielder tells @freep http://t.co/TFnsps4Dui #ASW2015
2 hours ago
.@federalreserve extends comment period for capital surcharges on systemically important U.S. bank holding cos. http://t.co/MOJJBn9DfA
4 hours ago