PLEASANTON, Calif., March 19, 2014— Patelco Credit Union, one of California’s largest credit unions with more than $4 billion in assets, announced today it will no longer charge a fee of up to $75 on any credit card balance transfers.
Patelco’s new balance transfer policy will save qualified members additional money by making it easier to switch to lower interest loans and pay down credit card debt. “The decision to remove all fees associated with credit card balance transfers reflects our commitment to the financial well-being of our members,” said Patelco President and CEO Erin Mendez. In 2013, more than 5,000 balance transfers were completed. According to Mendez, “we expect that number to rise this year with our more competitive credit card offerings.”
Ending balance transfer fees may also attract current bank customers to Patelco, according to Mendez. Unlike banks, credit unions don’t pay shareholder dividends and instead reinvest after-expense income back to members in the form of lower interest rates on loans and higher interest rates on deposits. Qualified bank customers can now transfer loan accounts to Patelco at no cost and likely receive the benefits of lower interest rates. “Our goal is to provide the very best member-focused products and services so that Patelco becomes the financial institution of choice in the communities we serve,” said Mendez.
No longer charging balance transfer fees is the latest in recent initiatives designed to strengthen the value of Patelco membership. In 2013, related initiatives saved members more than $5 million dollars.
About Patelco Credit Union
Founded in 1936, Patelco Credit Union ranks among the largest credit unions in California and the nation with more than $4 billion in assets and more than 277,000 members. Throughout its 78-year history, Patelco has helped its members and their communities prosper through volunteer initiatives and personalized service that focuses on transparency, simplicity in banking, and garnering trust. Patelco is a federally insured, not-for-profit, full-service credit union that offers the same types of products and services as large banks. For more information, visit Patelco Credit Union at www.patelco.org.