Pentagon Federal Credit Union (PenFed) is the latest credit union to start charging members who choose to keep receiving paper statements. PenFed has been sending out notices informing members of this change. I just received an email yesterday. A reader reported receiving a notice in his credit card statement. Here’s a summary of the new fees that will be effective on August 1, 2013:
- $1.00 fee for each paper copy of credit card statement.
- $1.00 fee for each paper copy of Consolidated Statement of Accounts.
The fees can be avoided by signing up for electronic statements.
PenFed sends each credit card statement and consolidated account statement (savings and checking) separately. So if you have more than one credit card with PenFed, the fees can quickly add up.
Pushing members to e-statements has been common. Not all credit unions use the fee approach. Some use incentives rather than fees. The high yield from reward checking accounts is an example of an incentive since e-statements is always one of the qualifications for the high yield.
If you prefer paper statements, you can always print out the statements. Of course, this will cost you paper and ink. I prefer to keep an electronic copy and only print out the statement if there’s an important reason. That avoids the cost of printing. I keep backups of the statements (and other files) in USB flash drives, and I place one of those flash drives in my safe deposit box each year. Do you print out all of your e-statements?