In 2005, Day Air Credit Union here went on a fee slashing binge, eliminating nine different fees from the service menu. But the credit union's financial performance hasn't suffered.
While so many CUs have looked to increased fees to bolster return on assets (ROA) Day Air posted and ROA of 1.3% at the end of May, far above the national average of .81%.
Among the fees cut by Day Air were fees for cashing third party checks, cashing temporary checks, replacing ATM cards; reissuing ATM PINs, statement copies; statement histories, early account closure, check copies and duplicate IRA reporting.
Vice President of Marketing Jill Bissinger told The Credit Union Journal that cutting the fees was "in keeping with our service fee philosophy while trying to positively affect member behavior. Some fees are necessary to cover costs and we'll keep them, like a fee for bounced checks, for example, but we did a review of all fees and determined that we could eliminate many of them."
The $139-million Day Air has a community charter with some 300 select employee groups. It serves residents in Montgomery, Greene and Warren Counties.
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