SAC FCU fees inactive accounts linked to paid off auto loans

Call SAC Federal Credit Union to claim your money today!
 (402) 292-8000 – Member Service 1-800-228-0392

Auto Loan customers with SAC Federal Credit Union get a $5 interest earning savings account that will be charged a monthly fee if the loan is paid off and the account has no activity for a year, even when overpayment of the loan rolls over into it. SAC minimizes reminding those account holders of that money, especially by phone.

Withholding
Many companies pressure phone agents to not take “too much talk time”. Managers prefer showing off statistics of a low - call handle time, choosing quick versus quality. This limits providing customers necessary steps that could reduce the time it takes to fix future issues, especially about impressions of poor customer service. Good natured agents may feel their integrity is torn between benefiting the customer or the company.

Irritated company representatives spread the belief that customers should educate themselves. However, the reps are trained with the inside knowledge. Issues can be handled quicker if the company associates are allowed to take the time to check facts and handle issues each time they speak to the customer. This can include getting a correct address or providing beneficial guiding steps that benefit the customer.

Failure to find out if correct addresses are current leads to sending out sensitive information to incorrect addresses. Newsletters showing updates about bank fees are usually mailed with statements. But in our growing green efforts, less is being mailed and customers are encouraged to go to company websites for updates.

Passing the buck back to the Bank
SAC announced in their January 2012’s newsletter, page 2 section:
Important Notice: Change to Inactive/Dormant account Fee Policy–effective March 1st.

They will take fees from dormant accounts with no activity for a year unless you also have another active account such as a loan. These are referring to the savings accounts linked to the loan that may have overpayment money in them once the loan is paid off.

According to the Nebraska State Treasurer’s website,  savings and checking accounts that have no activity for five years are considered dormant accounts and get reported to the State by the bank. This means SAC FCU is taking funds from these accounts in the meantime starting the second year of inactivity.

Consumers are overloaded with information with read and agree requirements, plus told to periodically check for updates with disclaimers “Policies may change anytime”. Frustrating changes will make a customer re-consider doing business with them. Failure to inform the customer they may have money left over, especially while on the phone, leaves a bad final memory, especially from a Credit Union claiming they provide Better Banking.

Call SAC Federal Credit Union to claim your money today!
(402) 292-8000 – Member Service 1-800-228-0392