Conference 7.286::dcu

    
    Re: .0
    
    Well this is a bit of good news, but one other thing seems not
    to be addressed: the net loss of benefit because of restricted
    access and a fee to return after 31 March 94.  I will simply
    close this account and open another that functions more like
    the old Christmas Club did.  I expect quite a number of others
    will do the same.  I simply don't see what benefit has come
    from this change and to whom.
    
    Steve
    
    
    
    
    
    Steve
    

I'm pleased to see this response -- will be moving my new "Holiday Club"
to a U-Name-It ASAP...

    Phil,
    
    Thanks for the hard work you did. I am still wondering where are other
    board of directors. I have yet to see single response from other board
    of directors on this. I am really disappointed with them. If they don't
    believe in owners request/concerns, I don't why one should reelect
    them. Thanks again Phil for nice work.
    
    Bharat S. Shah
    

    
>I am still wondering where are other
>    board of directors. I have yet to see single response from other board
>    of directors on this. 

    Which board members did you call or write to? As for this conference,
    Phil jumped right on this issue, which is strongly to his credit, but
    once he did what more could an other board member add? A rather lame
    "I'm interested to?" Phil did say that the board vote was unanimous
    to go along with waiving the fee for a limited time right? No one
    opposed it (at least as far as a vote count shows) so why do we need
    a bunch of "me too" replies here?

    Phil works very hard and I appreciate that. But I'm not going to assume
    just because a Board member doesn't write in this conference that
    they're not working hard or that they don't care. Though I reserve the
    right to some to that conclusion based on other things. :-)

    			Alfred

    Another question.  What happens if you don't use direct deposit or
    automatic transfer to add $5 to the account each week?  Do you get
    charged a fee?
    
    I guess I should ask if this is a new requirement.  One of my family
    members saves up manufacturer's rebate checks, and mails them in to
    deposit when there are "enough" of them.
    
    This also implies you can't have a Christmas Club for less than $260
    per year.
    
    Elaine

>	 In response to member questions regarding the changes to DCU's 
>        Holiday Club Account, DCU's Board and Management have 
>        unanimously agreed to waive the $5.00 fee for closing this 
>        account through March 31, 1994.  In addition, members who have 
>        already paid this fee will be reimbursed.


Hmmmm.....shouldn't that read "DCU's Board and Management - after
considerable hounding by scores of irate members and the now famous
Phil Gransewicz have agreed to waive the $5.00 fee" ???

For some reason the tone of this posting - "Gee, we've decided to
do something really nice for the membership"  seems pretty 
incongruous compared to the original intention of management.

Just a thought.....

Chris

    re: .7
    
    Well, it did say 'agreed', which could mean that someone else thought
    up the idea and they agreed with it:-)
    
    Bob

    
    RE: .7
    
    Geez, if this is "fame" then you can have it!
    
    I'm just glad all the others agreed that no matter what the reason, it
    just isn't worth pissing off a customer (even more?) for $5.
    
    I'm sure the official minutes of the vote will reflect my proposal that
    we waive this fee for 2 months.
    
    Now where is Keith with some acknowledgement of my ability to persuade
    DCU management and the other Directors to get this action taken?  
    He must be down at the tellers window... 8-)
    

    re: .6
    
    Well to answer my own question, I called the Info Center.  The new
    rules are that you cannot have a Holiday Account unless you cause to
    have automatically deposited at least $5 a week.  And I should have
    known this, because it was in the fine print of the stuff that was sent
    out in September.
    
    Oh, but I can switch over to a Member Described account, but I won't
    get any interest until I get $100 balance.
    
    I think this is going to cause my mother to become a $5 member.
    She's had a DCU Christmas Club account for years.  She never withdrew
    until the money was transferred to (account), so that doesn't bother
    her.  Why couldn't the September mailing have included a highlighted
    note that said, "Christmas club account members, there will be major
    changes to the Christmas club program.  Please be sure to read the
    insert carefully".
    
    This stinks.
    
    Elaine

�    Well this is a bit of good news, but one other thing seems not
�    to be addressed: the net loss of benefit because of restricted
�    access 
    
    Agreed!!!!
    
�I simply don't see what benefit has come
�    from this change and to whom.
    
    If I remember correctly, the only benefit right now is that other clubs
    require a $100 minimum balance.

    I'd like to thank Phil and the rest of the board for following up and
    implementing the suggestion made in 745.22.

    While I am very glad to see that the DCU has temporarily waived this
    fee I am not happy with the way in which it chose to do it.
    
    Let's be clear here. The fee was waived as a direct result of Phil
    Gransewicz bringing members concerns to the attention of DCU
    management. I find it ironic that the decision is presented as if it
    was the idea of DCU management.
    
    Maybe DCU is backing down on fees. Couldn't possibily have anything to
    do with the fact that there are 3 candidates (Phil, Chris and myself)
    running on an anti-fee platform, could it?. I wonder why DCU are suddenly
    beginning to listen to the membership.
    
    But let's be clear. This holiday club fee is just one of many that need
    to go. And more importantly it is the whole concept of fees for basic
    services that needs to go. The DCU is meant to be a financial
    cooperative, not a bank.
    
    Dave

�    But let's be clear. This holiday club fee is just one of many that need
�    to go. And more importantly it is the whole concept of fees for basic
�    services that needs to go. 
    
    The $5 is not a fee for a basic service.  You do not have to pay $5 to
    the DCU in order to have a Holiday Club.  The $5 is an early withdrawl
    fee.  If you think this is a fee and as such should not exist, then you
    should also be opposed to other such fees on  CDs, IRAs, etc.

    
    RE: .12
    
    Gee Keith, you don't mention or acknowledge that I was able to convince
    my fellow Board members and DCU management of the wisdom of not ticking
    people off over a piddly $5 bill.  Guess I'm responsible when I don't
    (according to you) and not responsible when I do.  Oh well...
    
    But I DO read your notes and act on any good ideas you (or
    anybody else) put forth.  I look forward to many more replies of
    substance and suggestions for improving DCU.  See what GOOD things
    can happen when DCU listens to the membership?  But it also takes Directors
    who are willing to LISTEN and ACT.  
    
    So keep those multi-line replies coming...
    

    
    Re .14:
    
    It's still a fee -- a fee that (along with new restriction on
    withdrawal) was not there before, and for which no sounds business
    rationale is forthcoming.
    
    If I put my money into a CD, I expect a better rate of return, along
    with a penalty if I withdraw earlier than expected. I classify that as
    a win-win situation.
    
    The withdrawal restriction and penalty fee on the Christmas club should
    have been accompanied by a higher interest than a regular savings
    account. The way it stands now, they-win-I-lose. Management was
    counting on inertia to make a quick buck. Stupid business decision.
    

Re: .16

Don't forget the restrictions on deposits.  Gad!  What a financial institution!

Elaine

    First, thankyou to Phil for getting the $5 fee waived.
    
    I stopped deposits to my "holiday club" a few weeks ago, and I 
    went to the LKG branch earlier this week to withdraw my money 
    - the conversation with the teller went like this:
    
    (note this is not word-for-word but it is as close as I can get)
    
    Me:	    If I transfer the account balance in my Christmas Club
    	    to my checking, do I lose the interest?
    
    Teller: Yes.
    
    Me:     OK.  Then how much do I have to leave in to keep the interest?
    
    Teller: There is a $100 minimum to receive interest.
    
    Me:     Then I will transfer all but $100 to my checking.
    
    Teller: There will be a $5 fee for withdrawing from the Holiday Club.
    
    Me:     (in utter shock) I had understood the fee was waived until
    	    the end of March.
    
    Teller: Oh yes.  That was extended past the end of February, you're right.
    
    *********************************************************************
    Now, question.  If I had not known about the fee waiver, would I
    have been charged the $5 ?  Have people who paid the $5 been refunded
    it?  Are there really so few people closing these accounts that the
    tellers don't remember the rules?  This discussion with the teller
    rather disturbed me.
    
    Also, purely subjective, I felt a distinct change in attitude from the
    teller when I mentioned withdrawing money from my christmas club.  I
    was made to feel like a second-class citizen.  And I am a "relationship
    member".  I can just imagine how you "scum-bag abusers" must feel.
    
    Just out of curiosity, have other people felt this way closing their
    Christmas Clubs?  (maybe it was just my imagination)
    
    Janice