260: Fired Up

I am so angry this morning.

I have banked with Kemba Financial Credit Union for seven years or so. I have always sang their praises, extolled their virtues, and recommended them to my friends. They have the highest interest rates of any local credit union, they've been easy to work with, when issues have cropped up with my account they've resolved them quickly. I have two checking accounts, two savings accounts, an IRA, a credit card, a car loan, and a CD with them, as well as having a savings account for each of my children.

I have never paid a fee with them, except when I overdrew my account.

Until this morning.

I woke up to find that they have implemented a new program called Kemba Advantage. It's great if you qualify, but apparently they now charge a "Kemba Advantage Fee" if you don't. I honestly never considered that I wouldn't qualify. Between the four accounts, I deposit close to $2000 a month into my accounts, and charge $300-$400 a month on my credit card. I don't use my checking account much, except to pay bills, but many of my credit card payments are drawn from that account.

The qualifications for Kemba Advantage are that you deposit your paycheck (at least $1000 a month), receive estatements, and have 15 transactions per month. In order to avoid a fee, you must meet these qualifications, or have an average daily balance of $500 in your checking account.

I had 13 transactions this month. So they took $14; $6.95 per checking account.

I'm ready to pull all of my money, close my accounts, pay off my credit cards, and transfer my car loan to our other credit union. I'm pissed. We don't have "a lot" of money invested, but it is growing on a biweekly basis.

I was so excited to do a balance transfer to my Kemba credit card and be done with my Best Buy and Target card. Now I've paid over $5000 on a credit card that I want to pay and close, leaving me with a high interest credit card instead.

I'm so angry.

I e-mailed their customer service and demanded the fee back. If I don't receive it back on BOTH accounts, I will be closing all accounts. Our other credit union doesn't charge fees. They don't pay as much in interest, but online banks do. Online banks pay more.

This is not how good companies keep good customers.