Quote from: TheButterZone on July 26, 2013, 10:43:39 PM

Quote from: SpottedMarley on July 11, 2013, 02:00:03 AM

All accounts will require $15 to open. Here is the breakdown for that:

There is a $5 credit union deposit that belongs to you but is put on hold in your account. If you have used a credit union before, you know that they all do this. I forget what the deposit is called but it's like your 'stake' in the credit union.

By law (their credit union charter) all customers of their credit union must own, operate, work for, or donate to a local New Brunswick, NJ charity. So a $10 donation is required.

...so $5 + $10 = $15 to open the account (unless you DO in fact work for or own/operate a charity in New Brunswick, NJ)

Notice that NONE of that $15 is kept as profit for the credit union. $5 is a deposit that you get beck when you close your account, and $10 goes to a local charity.

Quote from: TheButterZone on July 26, 2013, 10:43:39 PM

Quote from: RandomQ on July 25, 2013, 11:57:23 AM

New Update tonight.....

Additionally, due to the regulatory checks which IAFCU must perform, the fee for fund return is now 5 USD. We are assured that this is the final fee and all account holders are subject to this fee to receive your funds.

Quote from: DannyHamilton on July 26, 2013, 06:33:58 PM

Quote from: ProfMac on July 26, 2013, 06:30:45 PM

Set against a M$ 2.8 project, this comes to a prorated share of about $3.92 / $1,000. Plus another 50%, $5.88 / $1,000 total, to ameliorate the responses of some. With a debit card included to allow access to the money, it is a significantly better deal than a wire transfer fee.

Thanks for taking the time to do the math. I'll be making my $5.88 per $1000 received donation.

No wonder there aren't more internet credit unions... seems like they're a one-way, non-stop ticket to bankruptcy for the operators.

Given the services that customers expect of a financial institution, and the demands they have of reduced costs, it can be quite difficult to maintain a successful credit union.