We recently received a comment on our “Suggest a Topic” link from a member who had some questions for members and staff to consider. Below are the comments from Doug Sisson, from Jan. 9, 2008:
“Here’s some topics that Connex members should be discussing: Why do the Connex fees continue to rise? How much revenue is Connex making off of the over draft priviledge? Where is all of this money going? Why didn’t the regular savings interest rates increase at all when rates were on the rise the past few years? Most importantly, why is a non-profit organization set up solely to serve its members so aggressively trying to take its members’ money? I’ll admit that the average person is still better off with Connex than other commercial banks. However, Connex has now shed the image of a traditional credit union and now seems to be competing with the big boys. They’ve got the commercials, the locations, and, oh yeah, the fees.”
To address some of these issues, Connex VP of Sales and Service Tansley Stearns had the following to say:
“Thanks Doug for your post, you have some really great questions. We did recently raise the overdraft fee as you mentioned. The great news about our fee schedule is that a member can go their entire membership with Connex without ever being charged a fee. Our accounts are designed so that you can completely avoid fees.
On an individual basis, we’re glad to help members learn how to do just that. In addition, we don’t have monthly fees for our Checking Accounts, our Online Bill Pay services are free and members can also avoid the overdraft fee.
We are member-focused and the profits we do make are returned to our members in many different ways. As you mentioned, one way we return value to our members is in better rates on both our loans and savings products. We also return value by enhancing the services we offer our members. Our new Wallingford branch is a great example of a way we’re making our services more convenient for our members and the multiple branches you mentioned add to that also. As mentioned, we provide the convenience services like Online Banking, Online Bill Pay and e-statements at no charge to our members.
We’re glad you’ve chosen Connex over a bank and we hope others see the value and do the same!”