West Michigan Credit Union

How to get free checking despite banking industry threats to end it

New regulations took effect last week that some banks and credit unions said would kill free checking accounts.

But they don’t appear to be having that effect on a widespread basis, yet.

Many small and mid-sized banks and credit unions say they will continue to offer the popular product, despite industry scare tactics and threats in recent months amid heated debates and lobbying over limits on debit card interchange and overdraft fees.

While Congress has clamped down on overdraft fees and debit card banks are allowed to load, large banks like Chase and Bank of America started making many customers pay a monthly fee for what previously were free basic current accounts.

Customers usually can avoid fees if they have other accounts with banks or maintain a specified minimum balance. But for some clients, those are not options.

Michigan Credit Union League has launched a website, savemyfreechecking.com, who pleaded for people to lobby Congress as if he had made the product illegal under new regulations.

Lake Michigan Credit Union, the region’s largest credit union, supported the campaign but has yet to back away from free checking.

A notice posted on its website said officials still are assessing the regulations’ impact, but no changes are planned to its free checking offerings yet.

“We will monitor this situation closely and will be proactive with legislators if needed to help avoid unintended consequences,” the notice read. “We hope to continue to be able to offer free checking!"

Western Michigan Power Fifth Third Bank, which, once widely marketed its "totally free checking" of the product, tied some strings for free accounts. For the past year, he demanded a direct monthly deposit of at least $ 100, a transfer verification of savings of $ 100 or a minimum amount of activity in an account.

Scott Stenstrom, vice president of retail marketing at Fifth Third, said that over 80 percent of bank customers still check for free.

"Check free is always there, we are just looking a little differently," he said.

Those institutions that have done away with or limited completely free checking sometimes blame the government; the new regulations limit the overdraft and debit card interchange fees once used to prop up profits and, to some extent, subsidize free checking.

Armed robber hits Cadillac credit union : News : UpNorthLive.com

CADILLAC, MI -- UPDATE: At 6:15 Wednesday evening, the Wexford County Sheriff's office along with members of the FBI, arrested a 33 year old suspect in the armed robbery of the West Michigan Credit Union. The arrest was made in Wexford County. The suspect is being held in the Wexford County Jail. The suspect will be arraigned in the 84th Disctrict Court. Officers are still following up on investigative leads and executing search warrants.

UPDATE: The Michigan State Police continued to gather evidence at the crime scene Wednesday morning.7 and 4 News says officers follow several tracks after people called advice to investigators.

------------------------------------------------

Wexford County Deputies are looking for a man who stole a Cadillac body Tuesday night.

Deputies received a call shortly before 5:00 p.m. They said a man used a silver handgun semiautomatic to steal the West Michigan Credit Union on Bell Avenue. Upon arrival, deputies discovered that the suspect fled with an undisclosed amount of money.

Witnesses describe the suspect as a heavyset white male, approximately 5’10’’ to 6’ with dark facial hair. Police believe he is between 25 and 30 years old. He was last seen wearing a red, long sleeve shirt with tan pants and white shoes.

Anyone with information is asked to contact the Wexford County Sheriff’s Office at 231-799-9211.

Catalog of Copyright Entries. Third Series, 1968: July-December

History of the Michigan Credit Union League, book II, the decade of the seventies

West's federal reporter, cases argued and determined in the United States courts of appeals and Temporary Emergency Court of Appeals

West's bankruptcy reporter

Credit Unions of Michigan, Dfcu Financial, Michigan State University Federal Credit Union, United Federal Credit Union