Schedule of Fees and Charges
To download a copy of the current ILWU Credit Union Schedule of Service Charges click here.
Unlike banks, we don’t focus on fees.
All banks and credit unions have fees, however there is a difference. While for-profit banks try to find ways to charge you fees, your not-for-profit credit union tries to find ways to not charge you fees. We also make it easy for you to avoid fees altogether by managing your credit union accounts properly.
ILWU Credit Union is a not-for-profit, member owned financial cooperative that strives to put the best interests of all our members first. Our goal is to give members affordable access to the financial services they want and provide support to our members in times of need. Unlike the “Big Banks” we don’t determine our rates and fees based on the amount of profit they will bring to our bottom line or how large a dividend payout we can give to our stockholders. ILWU Credit Union was founded on the notion of “people helping people” where the contributions of each individual member helps to benefit the entire membership. Any profit the credit union makes is returned to the membership as a whole in the form of lower loan rates, higher savings rates and lower overall fees.
We'll only assess fees that reflect our cooperative spirit.
At ILWU Credit Union, we focus on serving the needs of our overall membership, rather than fees. However, fees are required to offset some high operational costs for certain products or services. We only assess fees that reflect the credit union philosophy that members who use certain services should pay for them rather than ask all members to share the cost. In this way the entire membership of ILWU Credit Union is served in the fairest way possible.
Members of any cooperative, be it agricultural, utility or financial, need to contribute to the whole to make the cooperative work efficiently. All cooperatives have rules in place to help ensure that the members of the cooperative contribute their fair share. In a financial cooperative, such as a Credit Union, those rules come in the form of rates and fees. The vast majority of ILWU Credit Union members manage their credit and their accounts properly and benefit from low loan rates and pay virtually no fees on their ILWU Credit Union accounts. However, we do have some members that do not manage their accounts properly, abuse certain services, or use high cost services excessively. These members will be required to pay some fees to cover their fair share of operational and service expenses, all of which can be avoided by simply changing their banking behavior or habits.
Understanding Regulation D and the impact on your Savings Account
Just as members of a cooperative are subject to rules to make the cooperative work efficiently, Credit Unions are subject to federal regulations. One of the federal regulations, all financial institutions must implement is Regulation D. The Federal Reserve Bank’s Regulation D limits certain withdrawals and transfers from your savings and money market share accounts to a total of six (6) per account per calendar month. The six withdrawals exclude items such as automatic transfers to loan payments, ATM withdrawals and withdrawals made in person at the teller window. ILWU Credit Union has been allowing members to make unlimited transfers from their savings accounts each month in violation of Regulation D. ILWU Credit Union must now comply with Reg D and enforce the transfer limit. As a result we can no longer allow a 7th transfer to occur on your account. This may result in NSF and/or Overdraft Privilege fees being charged to your checking account if you are unable to transfer the funds from your savings to cover your checking transactions. We encourage members who need to make more than six (6) transfers per month out of their savings account to open our FREE checking account for their everyday transactions.
We hope you understand our goal is to implement fees that are fair to our entire membership and will help reduce overall operating expenses so we can continue to provide all of our members with even greater value. We also want to reinforce to you that there are ways to avoid fees altogether by managing your credit union accounts properly.
If you have any questions about the Schedule of Service Charges or want to know how you can avoid certain fees by simply changing some banking practices, please contact a Member Services Representative at 866.445.9828.