We are introducing new service fees on January 1, 2022. A summary guide to all our personal service fee changes is available here: Service Fee Adjustments or you can ask for a printed copy at your local branch. A business and organization service fee summary is also available here: Business Service Fee Adjustments.
Why are fees changing?
Kindred reviews our service fees regularly to ensure they remain competitive in the marketplace and to ensure we’re covering our costs. We have not conducted a thorough service fee review since 2016 and so, fee increases are necessary as costs rise.
As a member owned financial cooperative, our philosophy is to charge members a fair fee for the service they use with a focus on cost recovery. We are at all times conscious of costs and our duty to be responsible stewards. We set service fees in adherence with the following four guidelines established by Kindred’s Board of Directors:
- Members using the same service are to receive fair and equitable treatment.
- Members in extraordinary circumstances may receive extraordinary consideration.
- It is important that members perceive service fees as fair and competitive, and that value is received for the service rendered, including paying their fair share of costs for the services used.
- Charges and fees may be set to stimulate the usage of certain services or to deter undesirable practices, such as the writing of NSF cheques.
You can pick up our revised Account Plans and Service Fees booklet at your local branch on Friday, December 31, 2021. It will also be available on kindredcu.com in the new year.
The majority of this year’s service fee adjustments are within your control. We’re here to help you understand our fees and, when possible, reduce or avoid them. If you have any questions or concerns, please drop by your local branch, call 1.888.672.6728, or email email@example.com.