Credit Union of NJ

Review: Credit Union of NJ failed to properly notify its customers of banking policy changes that would result in a monthly fee charge from a savings account. I happen to work for an agency in which a handful of employees were recruited by a third party agency to open accounts with the credit union however, no one was notified of any banking policies changes that would go into effect in January 2014. As a result, members have now accrued three months worth of penalty fees (in the amount of $30.00-$10.00 per month) if their banking accounts did not have the newly requested money in their accounts. When I called the bank directly to address my concerns, the bank representative was rude and told me "you must not check your mail" when I told her I never received any notification via mail or email of such changes. The bank representative refused to refund me my money and hence I am in the process of closing out this account and will never seek business from this bank nor trust them with my money.Desired Settlement: For this bank to accept some accountability for their error and have at least some better customer service skills. Mainstream banking institutions have the courtesy of notifying their customers months in advance of such changes.

Business

Response:

The Credit Union of New Jersey was contacted by [redacted] in regards to not being properly notified about a change to our relationship rewards program. All Credit Union of New Jersey members were notified of the upcoming changes to our relationship rewards program during the month of November 2013. We mailed a notice of our revised Rate and Fee Schedule effective January 1, 2014 which included a comparison chart that explained our new Relationship Rewards program. Also included within the documentation was a breakdown of our fee structure and a detailed chart so all members had a clear understanding of the changes.

In her complaint to you, [redacted] stated that the Credit Union of New Jersey representative refused to reverse the fees charged to her account. We did not approve her fee reversal request because this fee was not generated due to an error by our organization. We were in compliance with our communication to our membership pertaining to the new relationship reward program. We properly notified all of our members about the changes to the program before the new version of the program was implemented. [redacted] also states that she did not feel that customer service met her expectations pertaining to her concerns about the fees charged to her account. Each Credit Union of New Jersey team member went through a detailed training program for our new Relationship Rewards program to ensure that we provide quality service to our membership during this transition period.

If you have any questions or would like additional information, please contact me at [redacted] extension [redacted]