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Schoolsfirst DROPS Access Checking

Wednesday, March 13, 2013 - 1:56 PMSchoolsFirst Federal Credit Union
Just to alert those members of SchoolsFirst (was OCTFCU) -- a large credit union in California .... just got notice that they're elminating their "access checking" accounts. Previously, they had 3 levels, and "access checking" was the middle level -- totally free if you keep $500 in any account at the bank, and that included 6 free non-network ATM withdrawls. NO MORE. Now, in an attempt to (as they put it) "streamline" (yeah, right) their checking accounts, there are only two options. (1) Free checking -- with NO free non-network ATM allowance anymore (for instance, if you go out of the area, or travel overseas, SchoolsFirst will now ding you $1 for each and every ATM useage not on the CoOp network, as well as whatever the local ATM owner charges you), or (2) investment checking, for which you get the 6 free non-network ATMs a month, but must have $1000 (not $500) in only the checking account -- and which incurs a $3/month fee for the first year -- that then goes up to $6/mo after the first year, while it pays terribly meager dividens (0.05%, or a "whopping" 0.10% if you have over $100,000).


A real shame for those of us who want a basic free checking account but an occasional free non-network ATM access (such as when perhaps taking a vacation). They still offer the free checking, but you will now lose the free ATM allowance, and will be billed for every single one.

This becomes effective May 15th 2013.
ak991ak9911 posts since
Mar 13, 2013
Rep Points: 4