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Fees and Charges FAQs

Understanding Fees and Charges

Why does First Option have to charge fees?

Two things are important to us. Making your money work harder for you and making you comfortable with money. We call it ‘Money Happy’.

We want to ensure that our Members have the best banking services available. That means incurring costs associated with providing new technology and competitive products. This also means incurring compliance costs associated with the increasing legislative and regulatory burden that comes with the ever-changing financial services landscape.

While we would ideally love to operate fee free, this is simply not sustainable. First Option is a business and we must be able to cover its costs to operate successfully and in the best interests of our Members.

Part of our philosophy is to ensure that we “remain a fair fee financial services provider based on mutual support”. We do strive to ensure that we implement a fair system of fees and charges that are designed primarily to cover costs, rather than to generate profits. Many of our fees have exemptions that are intended to reward Members that have their loans and deposits with First Option.

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