AA Credit Union Fees

[Bob Owens]

Just got a notification of a bunch of new fees. Some seem way out of line.

ATM withdrawl fee-Savings only- $2
So if I take money out of an AACU machine I still have to pay a fee?


PIN Denial Fee -$2
So if I enter the wrong pin they charge me $2? How does that cost the Credit Union money?

Non-AA Credit Union withdral Fee -$2
So I have to pay the fee to the other bank charges plus this? So if I need a quick $20 I have to pay $4 for it?

Does anyone remember when it used to be the American Airlines EMPLOYEES Federal Credit Union? One of the things that everyone should know is that some of the same people who sit across the table from us at Negotiations now sit on the board of the American Airlines FCU. They are employing the same nickel and dime tactics, only now its $2 and $5, that they hit us with on the contract, to cheat us out of what little we manage to get from them. Does anyone doubt that these people have access to data so they know exactly how much money we have in there and how much we have borrowed?

AA forced us all into Direct Deposit, now they want to charge us for our money.

The convience was nice, but if they are going to become a "for profit bank" by hitting us with absurd fees (have to wonder if the big boys compensation has soared since they dropped "Employees", anybody see their luxurious HQ in Dallas?) and share our personal info with people who sit across the table from us in negotaitions it may be time to move.

 

[1AA]

This is the reason why I do not use the AA credit union other than savings. They tried to nickel and dime you to death. Several years ago I tried them for one month. I had to pay extra just to access my account on-line to see my transactions. I had to pay to have my canceled checks returned to me. I had to pay to use the AA ATM if I exceeded a set number times. Other network fees were even more money. What a joke. Even today with better service and less fees I still have a better deal with Bank of America. Why people use the rip off AA credit union is beyond me. I get better automobile loans outside of the AACU. I get better deals overall using outside banks than the AACU. The CU is no deal. This is not a good time to have linked accounts with the AACU. If you owe them money and get rif'ed you better not fall behind on your payments. They will take it out of your other accounts.

 

[BigMac]

I can't stand the AACU
When I was laid off in 03' I left my account alone and didn't touch it. I had over $100 in there to make sure it wouldn't close do to fees. When I got back from layoff I requested auto payroll deposit again. They told me since my account had been inactive for so long I could no longer be a CU member. However they allowed my wife to open up a new account and rolled my remaining balance into her account. We called AACU HQ and was given the same BS about my account. The funniest part. My wife doesn't even work for AA.

 

[jimntx]

A friend of mine was recently pre-approved for a car loan with the AACU. Yesterday she was on hold for over 45 minutes trying to talk with someone there about the loan. When a CU employee finally answered the phone, my friend was told that "because of our new computer system", she would have to start the loan process over. Oh, and when all was said and done, they raised the interest rate on the loan over 1%. Didn't even mention that fact to her. Told her husband when they called him to get his ok to loan her the money. (Have we gone back to the 1950's?)

 

[AA-MRO.COM]

The AA CU has allways sucked any bank that wont give you your money when you step up to the counter has got to be a scam. joined when I first hired on went to the counter and asked to withdraw some money after they said we dont give out cash I knew it was time to get out.

 

[eolesen]

Get used to the increased fees -- banks and credit unions aren't doing much better than airlines these days. If you can't make money on originating new loans or charging slightly higher interest rates, then you have to make it up in fee revenue.

ATM withdrawl fee-Savings only- $2
So if I take money out of an AACU machine I still have to pay a fee?

They are taking the approach that a savings account is supposed to be a savings account. A while back they started charging for multiple withdrawals from Savings during a month.

They don't appear to charge the fees on a line of credit or a checking account.

PIN Denial Fee -$2
So if I enter the wrong pin they charge me $2? How does that cost the Credit Union money?

Believe it or not, the overhead necessary to support a transaction involving a successful transaction and a failed transaction are the same. There's one message from the acquirer (ATM owner) requesting the withdrawal from the issuer (AACU) -- the issuer either responds with a yes or a no from the Credit Union, and if yes, the value is immediately held as out for settlement by the issuer until it passes thru the clearinghouse.

So yes, it does cost money. Whether or not they should charge for it at the same level as a successful transaction is another question altogether.

Non-AA Credit Union withdral Fee -$2
So I have to pay the fee to the other bank charges plus this? So if I need a quick $20 I have to pay $4 for it?

See above. Yes, you'll have to pay money for it. Remember check cashing fees? Same concept.

Next time you need a quick $20, go to a convenience or grocery store, and buy a pack of gum or a coffee. At least you get a cup of coffee instead of just paying for the transaction...

If you're really cheap, buy something you can later return...

Of course, that only works if you're using a Check Card, but hey, if you're not using it for both savings and checking, you probably shouldn't be bothering at all.

Does anyone remember when it used to be the American Airlines EMPLOYEES Federal Credit Union? One of the things that everyone should know is that some of the same people who sit across the table from us at Negotiations now sit on the board of the American Airlines FCU. They are employing the same nickel and dime tactics, only now its $2 and $5, that they hit us with on the contract, to cheat us out of what little we manage to get from them. Does anyone doubt that these people have access to data so they know exactly how much money we have in there and how much we have borrowed?

Here's where you're off your rocker, Bob... I seriously doubt that external directors of any financial institution get access to individual client records.

If you don't the idea of having management members on the board, vote them out. Better yet, run for the board yourself. I know of several front line employees who've been elected over the years, including one who ironically was fired from the company for taking bribes in exchange for ticket waivers for several Dallas Cowboys players...

http://www.chron.com/CDA/archives/archive.mpl/1997_1396041/testimony-in-fraud-case.html

AA forced us all into Direct Deposit, now they want to charge us for our money.

Except that AA and the credit union are separate, and AA doesn't tell you where your money has to be deposited.

The convience was nice, but if they are going to become a "for profit bank" by hitting us with absurd fees (have to wonder if the big boys compensation has soared since they dropped "Employees", anybody see their luxurious HQ in Dallas?) and share our personal info with people who sit across the table from us in negotaitions it may be time to move.

AACU has *ALWAYS* been for-profit. As it should be.

And again, you're making a pretty broad accusation that your information is being shared. Prove it.

 

[737823]

With all the new regulations on proprietary trading thanks to the Volcker Act, the FIs are needing to find new sources of revenue and like the airlines have resorted to feed. All bank fees are communicated to the customer along with ways to avoid the fees like performing certain activities such as bill pay or enrolling in direct deposit or expanding your relationship with the from (adding credit card, mortgage, savings account, etc). While revenue has fallen, the costs of doing business have only increased. There are certain customers outraged about the fees and usually the customers who get feed aren't lucrative in the first place so in many ways the FIs are better off losing their business. Let them go to Wal-Mart to cash their paycheck and get reloadable debit cards. Throughout the banking industry the trend is away from brick & mortar and more focused online. The vast majority of my banking activities don't require me to visit a branch and I like it this way. Many analysts believe we will see a large number of bank locations close in the next few years which makes sense, all of the restructuring has been to "shrink to profitability".

It's similar to the Tarmac delay regulation penalizing the carriers for extended delays, ultimately the public is worse off when carriers would sooner cancel a flight than risk the potential fines. You can't have your cake and eat it.

Josh

 

[jersey777]

I love the credit union. I pay no fees on my checking and saving and for the last 5 years I have been getting a nice dividend of between $300 to $400 for just being a member. This month I modified my 15 year mortgage from 5.125% to 2.65% for a one time fee of $539...saving $135 a month till my loan is paid off in 5 years. Total savings of over $8000 in interest.

 

[JetMech321]

May I suggest Wings Financial (Old Northwest Airlines Federal Credit Union. I have been a member for 15yrs plus. No nickle and dime there.

 

[Kev3188]

You beat me to it! Been with Wings 15 years as well, and have never had an issue with them. While it is the old NW credit union, it's open to anyone in the transportation industry...

https://www.wingsfinancial.com/ASP/home.asp

 

[Bob Owens]

Remember check cashing fees? Same concept.

Nope, never paid a check cashing fee in my life. here in NY they are supposed to pay cash or provide us access to our pay without any fees attached.

A $2 fee for punching in the wrong PIN is excessive.So you punch in the wrong number at a non AACU ATM and it costs you $2 from the Bank, $2 from the AACU and another $2 from the AACU for a total of $6 to get a quick $20. 30% fee to get cash?

Here's where you're off your rocker, Bob... I seriously doubt that external directors of any financial institution get access to individual client records.

And again, you're making a pretty broad accusation that your information is being shared. Prove it.

Whether or not they have access to indivual members accounts I can't and didn't say, but you can be sure they know how much "we" the membership of the Credit Union have in both Savings and Loans.

 

[WorldTraveler]

Credit unions are historically non-profit financial institutions owned by a closed membership which allows them to provide cheaper services than commercial banks. Laws have changed for CUs and many are now competing in the same space as commercial banks, and the banks are not terribly happy. Some CUs have managed to grow their membership base using the same fundamentals as they used w/ their membership while others have changed their model to appeal to the community.

CUs generally are better values than commercial banks and most financial experts agree that if they can do what you need, use them if possible.

I'm not sure where AA's CU falls in the diversification model but they have clearly felt the pain of layoffs and paycuts at AA...

There are other options out there and some may be better....

my best experience w/ a CU came within the past 5 years when, for a couple years, they refunded about 5% of the interest that members had paid that year - cars/mortgage/credit cards because they were "profitable" and that CU was owned by its members who received the dividends. Getting back about 1/2 of a monthly mortgage payment (at least the interest payment part) was a very healthy Christmas present.

I still bank w/ them but I also have an account w/ a global commercial bank because the CU can't do all of why I need w/ my financials. Your bank/CU needs to reflect what you need to do financially - but you don't need to pay to have a bank/CU that can do more than you will ever need.

 

[MCI transplant]

TWA's Credit Union has transitioned into an up and comming organization, and is doing quit well here in the Kansas City area with a change in name only. It's now call "Community America". Same Credit Union, differant name!

 

[Barfbag]

So sad in this cruel financial climate, even the once folksy, and family Credit Unions are also going to the dogs..

 

[Slopoke]

One of the affiliate credit unions I use to withdraw money from my AACU account, only allows a max of $500.00 cash to be withdrawn. If the amount is over that, you have to get it in the form of a check, and they charge $5.00 for the check.