Business ProfileforIdeal Credit Union

The legal definition of Free Checking is that the account doesn't charge a recurring fee, such as a monthly maintenance fee, and the account doesn't have a minimum balance requirement to avoid a fee.  Per the ************************************ (CFPB) "A "free" account may still have certain fees such as *** fees, overdraft fees, bounced check fees, balance inquiry fees, fees to stop payments on a check, fees on a dormant account ,or check printing fees."  *******************************************************************************************************************************************************************************************

Ideal's accounts are reviewed and approved by outside Regulatory Compliance Experts on an annual basis. Marketing is reviewed and approved for regulatory compliance prior to being sent to prospects and members and/or posting to website.  

Specific to *** fees - there are two fees that can be charged for *** transactions. 1) There is a surcharge fee which is charged by the owner of the *** (not your financial) and there is also a withdrawal charge which is charged by the financial. 

At Ideal Credit Union, both potential *** fees are identified and posted on the website and in brochures *********************************************************************************************************. As stated in the comparison chart online and in brochures, the Free Checking Account allows unlimited Free *** Transactions at Ideal Credit Union ***s. Any *** transactions conducted at an *** other than an Ideal *** will cost $3.50 per transaction.  Transactions are defined in the brochure, the Service Fee Schedule and on the website as a Deposit, Withdrawal, Transfer and Balance Inquiry.  The Free Checking Account, because its Free is a very bare bones account with minimal account benefits.  If free *** transactions are important to you, I recommend you review the account comparison information and determine if a different account is a better fit for your needs.  

The following information is posted on the website and printed in the brochure and the service fee schedule - this is a copy and paste from the website: 4. Does not include other *** Owner Fees i.e. surcharge fees. Transactions include cash withdrawals, deposits, transfers, and balance inquiries. For example, if a member requests a balance inquiry prior to a cash withdrawal, the balance inquiry and cash withdrawal count as two transactions.