-----Original Message-----
From: Bill Birnie
To: 'jvirata@aol.com'
Sent: Fri, Dec 31, 2010 10:23 am
Subject: RE: Eagle Community Credit Union annual IRA Maintenance fee
Good Morning!
I wanted to take a moment to follow-up with you on our conversation back in July about the maintenance fee for IRA accounts.
In October I formed a Committee to review all fees and service pricing. Among other things, the Committee recommended that the IRA maintenance fee remain intact. Eventually, I concurred.
We will be publishing our 2011 Service Pricing Schedule with the mailing of December 2010 statements. I know that the maintenance fee was an issue for you – so I wanted to let you know in advance that we chose not to make a change. While I hope you have found value in your membership with Eagle Community Credit Union, I certainly understand that you have to do what is in your best interests.
Wishing you a wonderful holiday weekend and a terrific 2011!!
Bill Birnie
President/CEO
Eagle Community Credit Union
(949) 639-7832
(949) 639-7996 (fax)
23021 Lake Center Drive | Lake Forest, CA 92630
From: jvirXXX@aol.com [mailto:jvirXXX@aol.com]
Sent: Tuesday, July 13, 2010 6:17 PM
To: Bill Birnie
Subject: Re: Eagle Community Credit Union annual IRA Maintenance fee
Dear Mr. Birnie,
Thank you for taking the time to actually answer my letter. What concerns me is small investors saving for retirement like myself will have nothing left of the initial investment when the IRA matures. For me and my economy, $2000 is a lot of money to place in an IRA, especially in these times, but to have a $10 annual "maintenance fee" assessed every year on this amount of savings to recoup the "additional" costs associated with the creation of the account is ridiculous. I can understand if this was a credit card account or a checking account, which are used daily, but this is supposed to be an instrument for retirement, a sort of set it up and not worry about it type account, the main reason why I set this account up. Like I said, I have another IRA set up with a different credit union, and it does not charge any type of annual "maintenance" fee. There are no costs involved with that account, and I have watched it accrue interest and grow, albeit slowly, yet surely, and without any incurred fees. I was hoping that this account would do the same. I appreciate you getting back to me and I look forward to read whatever changes, if any, are made to benefit members who don't have large sums of money to put away for retirement.
Sincerely,
John Virata
-----Original Message-----
From: Bill Birnie
To: 'jvirXXX@aol.com'
Sent: Tue, Jul 13, 2010 5:09 pm
Subject: RE: Eagle Community Credit Union annual IRA Maintenance fee
Good Afternoon!
Again, please accept my apologies for not responding to your request sooner. I wanted to read through our disclosures and gain a firm grasp on our procedures for opening IRA accounts before I responded.
The reason for the fee is to recoup the additional costs associated with the creation and maintenance of IRA accounts as opposed to other account forms.
The fee is disclosed on our Fee Schedule and should have been explained to your at the time your account was created. Given your comments, I will assume that my staff did not explain the fee to you. Again, please accept my apologies. It appears that we need little training in this area.
I will reverse the fee.
In the fourth quarter of each year we convene a committee within the credit union to review all fees and charges. We will take a good long look at this fee to ensure that it is commensurate with the costs. This particular fee is assessed annually on June 30th. We will publish any changes to Fees and Charges during January 2011. This should provide you an opportunity to see what changes we have made and decide what, if any, actions you may want to take in regards to your IRA account.
Thank you for your membership with Eagle Community Credit Union!
Bill Birnie
President/CEO
Eagle Community Credit Union
Where community counts...
one member at a time.
Email: bbirXXX@eaglecu.org
Phone: (949) 639-7832
Fax: (949) 639-7996
Web: www.eaglecu.org
From: jvirXXX@aol.com [mailto:jvirXXX@aol.com]
Sent: Wednesday, July 07, 2010 2:04 PM
To: CEO
Subject: Eagle Community Credit Union annual IRA Maintenance fee
