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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.
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ak991ak9911 posts since
Mar 13, 2013
Rep Points: 4
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