Virginia Beach, VA, April 24, 2009

Press Contact:
Liz McNulty
Chartway Federal Credit Union
757-552-1000 x43699
cemcnulty@chartway.com

Ronald Burniske, President and CEO of Chartway Federal Credit Union, made headlines earlier this week when he announced that he was lowering his credit card rates—across the board. Chartway’s actions, which are unprecedented in this grim economy, have the credit union trade publications and local television stations abuzz, especially in light of the Obama administration’s recent meeting with credit card executives to discuss greater consumer protections, oversight, and transparency of the credit card industry.

“Like everyone else, I watched the Today Show’s piece a few weeks ago on bailed-out banks boosting the interest rates on their credit cards. I can tell you that I was appalled. These big, bailed-out banks are taking advantage of consumers. They’re already struggling during this tumultuous economic period.”
                                                              
Burniske says that Chartway has also chosen not to decrease member credit lines, or impose any balance-transfer or cash-advance fees—which are in excess of 5% at some financial institutions—and is working one-on-one with members who are struggling.

“If Americans are tired of this ridiculous mistreatment, maybe it’s time that they consider opening an account with Chartway or at their local credit union,” Burniske says. “Credit Unions put their members first, something that big banks certainly aren’t willing to do.”

“I feel it’s important to affirm Chartway’s philosophy of ‘People Helping People,’ in good times and in bad. We’re committed to protecting and securing our members’ financial futures by offering the products and services that they need and deserve. It’s what we’ve been doing for 50 years and what we’ll be doing 50 years from now.”

Chartway Federal Credit Union, chartered in 1959, is a not-for-profit financial institution headquartered in Virginia Beach, Va., with assets of more than $1.1 billion. Founded on the credit union philosophy of “People Helping People,” Chartway’s fundamental goal continues to be to enhance the lives and financial stability of close to 155,000 members. The organization provides services in Arkansas, Florida, Georgia, New Jersey, North Carolina, Ohio, Rhode Island, Texas, and Virginia. Chartway offers financial services including checking and savings accounts, loans, credit cards, online banking, insurance and investment counseling to members. For more information, visit www.chartway.com.