Fickle Fees vs. Honest Checking


As a credit union, our mission is to offer affordable financial services to our community. As part of that undertaking, we closely monitor fees charged by other institutions to be sure that we offer a fair and affordable fee structure.


We understand that providing services to our members is not always free, but we work hard to remain operationally efficient in order to provide these conveniences at a reasonable cost to our loyal members.


In the wake of the Bank of America debit card fee announcement, and later reversal, it’s important to stay informed. We understand that fees and the requirements to avoid fees are constantly changing and are often confusing.


Here are a few we found recently:


Bank of America eBanking Checking Account Fee – $8.95 monthly

Avoid the monthly service charge by receiving a paperless statement AND only using self-service options. If a customer requires assistance from a teller or phone representative, they pay the fee.


Bank of America Cash Maximizer Money Market Account Fee – $12.00 monthly

Avoid the monthly service charge by maintaining a minimum daily balance of more than $2,500 or link the account to a Prima Checking account (which requires a $25 fee if additional requirements aren’t met).


Chase Individual Retirement Account (IRA) Fee – $30 annually

Avoid the fee with a linked checking account, a deposit of at least $1,000 within the past year, a balance of more than $10,000 or if the customer receives required distributions.


Wells Fargo High-Yield Savings Account Service Fee – $25 monthly

Avoid the fee by maintaining an average daily balance above $25,000.


Non-Owned ATM Usage Fee – Bank of America $2.00, Chase $2.00, Wells Fargo $2-2.50

If a bank customer uses someone else’s ATM to withdraw cash or conduct transactions, they will incur fees from their own bank, in addition to the service charge imposed from the ATM that they’re using. A single ATM transaction could cost customers $5.


Overdraft Item Fee Per Transfer – Chase Bank $12.00, Bank of America $10.00, Wells Fargo $12.50

When a customer doesn’t have available funds, these banks will transfer money from a linked savings or secondary checking account to cover the spending. That’s right, the customer pays a fee to access their own money.


Our checking account was free, it is still free and it will remain free. We don’t charge monthly fees to maintain savings, money market or IRA accounts and we don’t charge you to use your accounts as overdraft protection.


Pacific Service CU is proud to offer an honest checking account. We know you have a choice when you choose your financial provider and hope you’ll choose us.


by Jenna, Vice President, Operations


Fees as published February 7, 2012 in the Personal Schedule of Fees at, the Additional Banking Services and Fees for Personal Accounts at and the Consumer Account Fee and Information Schedule at

Leave a comment