RALEIGH, N.C.-North Carolina State Employees' Credit Union said it was joining with other consumer advocates in support of the full and fair disclosure of checking account policies and fees at all financial institutions. SECU said it was backing the recommendations for enhanced disclosures that are outlined in a letter from The Pew Charitable Trusts to the Consumer Financial Protection Bureau (CFPB). The recommendations stem from a recent report from the "Pew Safe Checking in the Electronic Age Project," which SECU said "confirms the need for greater transparency in account disclosures to assist consumers in selecting checking account services most advantageous for their personal financial needs."
Among the recommendations made in the Pew letter to the CFBP: Full and concise fee disclosures, reasonable and proportional overdraft fees, and elimination of transaction reordering for maximization of overdraft fees.
Fuller disclosures are also one reason SECU has opted to reveal its CAMEL rating (see related
"As a financial institution which falls under CFPB regulation and one of just three credit unions under this umbrella, SECU is encouraged that its current checking account service already exceeds the Pew recommendations," the credit union said in a statement. "With a low $1 monthly maintenance fee, daily interest, no minimum balance requirement, and numerous overdraft prevention options, SECU's checking product reinforces the credit union's 'Do the Right Thing' attitude. SECU even permits checking accountholders to designate the $1 monthly maintenance fee toward support of SECU Foundation projects across North Carolina."
