Originally Posted by
UA-NYC
Good article on this in the NYT yesterday
https://www.nytimes.com/2018/10/11/b...ee-strike.html
I found this section the most telling - a massive
to Marriott
Some credit unions still see their mission in such terms. But in recent decades, many have subtly shifted their approach. As falling interest rates made loans less lucrative, credit unions largely turned to fees to help replace the lost income. Over the past quarter-century, the average value of the fees collected for every dollar of interest income has risen to nearly 17 cents, from just under 7 cents.For credit unions harder pressed to fund their operations, that figure can get much higher. The GE Credit Union of Connecticut makes 34 cents in fees for every dollar of interest on loans, according to last year’s regulatory filings. The Montgomery County Employees Federal Credit Union in Maryland makes 44 cents.
But even against this backdrop, Marriott is an outlier. It takes in 52 cents in fees for every dollar of interest income.
As a result, some Marriott workers find themselves in a kind of financial double jeopardy: Low pay from Marriott keeps their account balances minimal, and those modest balances lead to more fees, crimping their assets further.
Seems like an easy solution would be to move to one of the many banks that do not have these nonsense fees.