Virginia Beach, VA, April 20, 2009

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

Chartway Federal Credit Union’s CEO, Ron Burniske, is as mad as hell—and he’s doing something about it. He’s lowering credit card rates. On the heels of stories from national media outlets and infuriated consumers experiencing steep increases in their credit card rates (sometimes doubled!), Burniske and his team at Chartway have decided to provide some relief for its members.

“Like everyone else, I watched the Today Show’s piece last week on bailed-out banks boosting the interest rates on their credit cards. I can tell you that I’m appalled. These big banks are treating average consumers unfairly. They’re already struggling during this tumultuous economic period.”
                                                              
So in stark contrast, Chartway is lowering the rates on its credit cards to help members who have been shouldering the burden of a bad economy. 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 has prided itself on working one-on-one with members struggling to stay afloat.

“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.”

In one instance this past Christmas, a member called to request funds to help with expenses. Janet Hill, a Chartway Customer Service Representative, offered the member a Chartway credit card, reducing her rate more than 4%. In the end, the member received a credit card with balance transfers, funds for Christmas and $700 left on her limit for future use.

Another member who had recently renovated his home, came to Chartway after finding it difficult to work with other financial institutions.

“A fellow employee told me about his great experience with Chartway when he financed his home…we will now be saving over $1200 per month. I know that this is the start of a long business relationship.”

Burniske is inviting members to email him questions at president@chartway.com and to let him know personally how he can help.

“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.