As we continue to try to modernize our offerings and services, we want to announce that effective November 1st, 2022, there will be changes made to many of our service charges. We continue to strive to offer our members great service, which means modernizing accounts and adapting to current market conditions.
A summary guide to all our personal service fee changes is available here: Service Fee Adjustments or you can ask for a printed copy from your branch.
Why are fees changing?
OCU reviews our service fees regularly to ensure they remain competitive in the marketplace and to ensure we’re covering our costs. Although we conduct regular reviews, most of our service charges have not been adjusted for more than 10 years 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 OCU’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.
As part of our expansion into new communities, we have refreshed our branding to be more inclusive and welcoming to members outside of Osoyoos. In this endeavor, we felt it was time to streamline our product offerings as we move into the next 75 years of serving existing and new members of OCU.
Many of the 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 250-495-6522, or email contact@ocubc.com.