River Trace Federal Credit Union

Review: My credit union told me in January that my account may be charged inactivity fees if I do not have any activity on the account within a year. I was then charged fees for July, August, and September and notified through a quarterly statement. I immediately called and asked for the fees to be refunded and close the account because the fees were charged before the timeframe had expired. I was informed that they could not refund the fees bout would be happy to close the account. It feel deceptive to tell me I will be charged a fee if I don't transact on the account within a year and then charge me those fees before the year is up. They charged [redacted] of my account balance in fees. The first time I was motified of the fees, I requested the account be closed and fees refunded.Desired Settlement: Refund [redacted] in fees.

Business

Response:

When a new member opens and account with RF&P they are given a membership application to sign along with Membership Terms & Conditions disclosures, plus a schedule of fees. Outlined in each of these documents is disclosure of the inactivity fee. If there is no activity on an account for a period of 24 months from the date of the last transaction the account is charged the inactivity fee. This member was NOT charged an inactivity fee until the 24 month period had passed. The account was opened July 5, 2011 and the fee was accessed July 31, 2013. In addition to the initial disclosures that are provided, each January newsletter the inactivity notification is posted. Our schedule of fees is also posted on our website for members to review. RF&P has more than fullfilled our fiduciary responsibility to notify members of the terms and conditions and any fees that may apply to their account. As an account hold it is there responsibility to maintain their account according to the terms and conditions. We can provide the information, but if the member is not going to read the information provided I'm not sure what else we can do. Do to the information being provided numerous times, we will not be refunding the fees.