Fee Schedule Changes Coming in September
For the first time in over three years, we will be updating our Fee Schedule, effective September 1, 2014. Below is a link to revised Fee Schedule – we encourage all of our members to review the changes prior to the effective date so they can see what, if any effect the changes may have on their accounts going forward.
Click here to view the new Fee Schedule, effective September 1, 2014
In addition we’ve prepared the following Frequently Asked Questions section to help clarify any questions you may have about the revised Fee Schedule. As always, we greatly appreciate your support and continued membership at Point West. Please contact our Member Service team at [email protected] today if you have additional questions.
Frequently Asked Questions
When does the new Fee Schedule take effect?
The new fee schedule will be effective September 1, 2014. Until then, our current fee schedule applies.
Why is the Fee Schedule being revised?
As a member-owned institution, we are very mindful and deliberate about when, how much and which fees we assess. Our fees are reviewed on an ongoing basis, and from time to time, we must update them to ensure they reflect the actual cost of business at Point West. Current fees have not been revised since May of 2011, yet during that time our operational costs, including printing and postage costs, have continued to rise. In order to best serve our entire membership, we determined that now was the right time to update our Fee Schedule. Please note that the majority of Point West’s fees remain completely unchanged.
I currently receive mailed statements and have not yet enrolled in paperless eStatements. What does the new Fee Schedule mean to me?
Effective September 1, 2014, members receiving printed and mailed statements will now be charged $2 per month. While we’re never excited to impose new fees on our members, the reality is that the cost for providing monthly mailed statements continues to rise. Our mission is financial wellness – not just for members, but for Point West as an organization as well. As with every decision we make here at the credit union, we must do what’s best for the membership as a whole. With 50% of our membership (and growing) now enrolled in paperless eStatements and printing and postage costs continuing to rise, this fee will ensure we can continue to provide mailed statements to members that need or desire them, while encouraging those that can switch to eStatements to do so before the fee is implemented.
If I sign up for eStatements today, will I avoid the monthly fee?
Yes! You can sign up for paperless eStatements today – all that is required is for you to login to your Point West account via Online Banking. Once there, click on the “e-Statements” option and agree to our eStatement terms. After that, your statements will be available electronically via Online Banking for you to view, print and/or save going forward. If you need assistance signing up for eStatements, our Member Service team is happy to help – contact us at 503.546.5000 or email us at [email protected].
What are the benefits of eStatements? Why should I sign up?
In addition to avoiding the $2 monthly fee, eStatements provide a variety of benefits over traditional mailed statements. Our eStatements are electronic files protected via our Online Banking system, which means you have secure access 24/7 to your statements. There’s no need to worry about your statement getting lost in the mail or stolen from your mailbox. In addition, you’ll be helping our environment by reducing the amount of paper needed to manage your account. Our eStatements are also very quick – while mailed statements may take several days to arrive in your mailbox, our paperless eStatements are available right away on the first day of each month.
I’m already signed up for eStatements – do I need to do anything else to avoid the monthly fee?
No, if you have already signed up to receive paperless eStatements, you will not be charged a monthly fee, nor is there anything additional you need to do or provide to Point West. Going forward, you will continue to have access to safe and secure eStatements just like you have previously.
I have other questions? Concerns?
No problem. Contact our Member Service team at 503.546.5000 or [email protected].