Meriwest Credit Union | 877-MERIWEST (877) 637-4937 | Routing Number 321176833

8:35 AM

Dear members, About Wells Fargo...

Published Sept. 15, 2016

Dear Members,

I’m sure you have been following the story regarding Wells Fargo Bank that has us all outraged. We are at a loss to understand how over 5,000 employees were able to establish fraudulent accounts to make incentive goals, for both the employee and the company. Where was the oversight? Where was the leadership? Where was the concern for their customers?

With interest rates at an all-time low, banks are increasingly relying on fee income to cover their expenses. At Meriwest, only 5.73% of our income comes from penalty or usage fees. 94.27% of our revenue is from interest on loans and from operating and non-operating income. We simply do not rely on punitive fees to cover our operating expenses. Also, we don’t engineer our practices to enable fee driven revenue, for example:

  • We don’t structure our system to clear checks from high to low instead we pay as presented in check number order
  • If you have opted in for Courtesy Pay, we waive fees on purchases of $4.99 or less should this purchase put you in a negative available balance
  • We recently implemented “You Saved” and since July our members have saved $295,000 in fees we have either rebated, waived or have simply not charged, that’s $295,000 in less than three months

What Wells Fargo allowed to happen was out-and-out illegal. Customers deserve more, we all deserve more, and at Meriwest our core values demand more. We are member-owned. We are not-for-profit. We are community-minded and my promise to you is that we will deliver on our promise to keep you in mind first, because you absolutely deserve it.

All the best,

Julie Kirsch

President and Chief Executive Officer

In case you didn't hear about the Wells Fargo story, click here or here.

No comments:

Post a Comment