Kinecta Slams Checking accounts

[Dennis Kane]

I sincerely apologize for this being off topic, but I think that this would be of interest to many of you. Kinecta members got slammed into $9.95 monthly subscription fee called ProtectPlus. You have to go to a branch to opt out. You will have to pay $9.95 monthly unless you keep $10,000 in their practically non-interest bearing checking account. I wouldn't mind if this was opt-in, but it's not. I will be closing my 43 year old account as soon as I can find a legitimate credit union.

https://www.reddit.com/r/SouthBayLA/comments/1hv9zhx/beware_kinecta_credit_union_checking/

[steve]

I wasn’t pleased with this’incredible’ offer either. I have been a member since 1977when it was a trailer in the parking lot of the Howard Hughes runway packing lot outside of Building 6, 47 years ago.  I escaped California in 2015 but have kept the account anyway. I guess I was being lazy about changing all the auto -pays!  Ha

I am closing my account too!

Steve Felstein, M&P, formerly of division  76

Sent from the all new AOL app for iOS

On Thursday, January 9, 2025, 8:38 AM, Dennis Kane <denni...@gmail.com> wrote:

I sincerely apologize for this being off topic, but I think that this would be of interest to many of you. Kinecta members got slammed into $9.95 monthly subscription fee called ProtectPlus. You have to go to a branch to opt out. You will have to pay $9.95 monthly unless you keep $10,000 in their practically non-interest bearing checking account. I wouldn't mind if this was opt-in, but it's not. I will be closing my 43 year old account as soon as I can find a legitimate credit union.

https://www.reddit.com/r/SouthBayLA/comments/1hv9zhx/beware_kinecta_credit_union_checking/

--
To post an announcement or ask a question, send an email to mach...@googlegroups.com
To unsubscribe, send an email to machacers+...@googlegroups.com
---
You received this message because you are subscribed to the Google Groups "MacHACers" group.
To unsubscribe from this group and stop receiving emails from it, send an email to machacers+...@googlegroups.com.
To view this discussion visit https://groups.google.com/d/msgid/machacers/5930c4a1-3a89-4305-b9f1-1c48967501f0n%40googlegroups.com.

[Carl Cullings]

This is outrageous to make ProtectPlus the default.  

I plan to drive to the Kinecta Brea office this Saturday and opt out and select the Classic account.  

Currently I have their checking plus plan which does not impose the $4.99 a month fee, but apparently that plan is being discontinued.

I would seriously consider closing my account but I have kids, and grandkids, that have Kinecta accounts and it has been very convenient to transfer funds electronically from my account to theirs.

I have a daughter that completely closed her Kinecta account about 4 weeks ago.  She is now using a checking account through SchoosFirst Federal Credit Union, which has no monthly fee and they have always paid a higher interest rate than Kinecta.

According to their lengthy notification, you can opt out and have the classic, by calling them, sending a written letter, or dropping in at one of their branches.  I plan to drop in so I have a live person to talk to in order to substantiate my decision.

Too bad that Kinecta seems to be going down the drain (my opinion).

Carl Cullings

On Jan 9, 2025, at 6:37 AM, Dennis Kane <denni...@gmail.com> wrote:

I sincerely apologize for this being off topic, but I think that this would be of interest to many of you. Kinecta members got slammed into $9.95 monthly subscription fee called ProtectPlus. You have to go to a branch to opt out. You will have to pay $9.95 monthly unless you keep $10,000 in their practically non-interest bearing checking account. I wouldn't mind if this was opt-in, but it's not. I will be closing my 43 year old account as soon as I can find a legitimate credit union.

https://www.reddit.com/r/SouthBayLA/comments/1hv9zhx/beware_kinecta_credit_union_checking/

[Chuck Roast]

So I called the credit union yesterday about this.   

Only Checking Plus accounts are being slammed.   Classic checking account holders were notified in error.  (Banking done different all right?!)

They converted our checking plus account to classic checking so it should not be slammed.  

What sad here is it’s an opt out option.

Agree slowly looking for alternative banking options!

Sent from my iPhone

On Jan 9, 2025, at 8:28 AM, 'steve' via MacHACers <mach...@googlegroups.com> wrote:

 I wasn’t pleased with this’incredible’ offer either. I have been a member since 1977when it was a trailer in the parking lot of the Howard Hughes runway packing lot outside of Building 6, 47 years ago.  I escaped California in 2015 but have kept the account anyway. I guess I was being lazy about changing all the auto -pays!  Ha

To view this discussion visit https://groups.google.com/d/msgid/machacers/690022039.4091122.1736440104693%40mail.yahoo.com.

[Allison Sheridan]

We canceled our membership a few years ago and it was oddly emotional. It’s silly to feel a sense of allegiance, but they stopped providing value to us compared to what we could get with online banking at Ally.  We also bought in a home safe, which saves us $80 per year on the safe deposit box we used to have at Kinecta. It’s also REALLY nice to have things like passports available in minutes instead of having to wait till the CU was open. No regrets at all, but still there was a little moment of sadness.

Allison

On Jan 9, 2025, at 8:28 AM, 'steve' via MacHACers <mach...@googlegroups.com> wrote:

 I wasn’t pleased with this’incredible’ offer either. I have been a member since 1977when it was a trailer in the parking lot of the Howard Hughes runway packing lot outside of Building 6, 47 years ago.  I escaped California in 2015 but have kept the account anyway. I guess I was being lazy about changing all the auto -pays!  Ha

To view this discussion visit https://groups.google.com/d/msgid/machacers/690022039.4091122.1736440104693%40mail.yahoo.com.

[Mario Obejas]

Some perspective:
The existing "Classic" checking account requires a $2500 balance to avoid a $9 fee. 



I thought I read that you could opt-out by telling them so. 
Yes, it would be better if the conversion was opt-in but it is avoidable. 

But don't misunderstand me, I do think the new ProtectPlus "benefits" to justify the new account (and fee) are dubious at best:
Telehealth?

Roadside Assistance?
A nickel discount off of Shell gasoline?

It's like they hired somebody with limited experience (i.e., a twentysomething) and they went wild with the PowerPoint pitch, with the tagline, "checking reimagined". Yeah, I can reimagine a checking account that looks like a random assortment of "benefits" was thrown in - this is it. Was there some focus group that really wanted this stuff? If so, man I'm in the minority. What was broke that needed fixing?

Classic was fine with the occasional notary benefit, as it was. Now I have to have ProtectPlus to avoid a notary fee.
I already have a $10K balance and had a recent estate planning need to notarize numerous docs, so I went ahead and converted early.

However, it still feels like an old friend has joined a cult and they are raving about it. So for the first time since I signed up for my PayMaster account in 1980, I'm willing to look at other credit unions to see how their fees and ATM access stack up. 

To view this discussion visit https://groups.google.com/d/msgid/machacers/690022039.4091122.1736440104693%40mail.yahoo.com.

[H Andreas]

I also am not pleased with this abrupt change. I started my account when I hired into Hughes in Culver City in 1978. We also have accounts at the Aerospace credit union and we’ll be switching our checking to there. Less convenient but also less fees. We’ll keep a savings account open at Kinetca for better ATM access.

Harry Andreas div 12

To view this discussion visit https://groups.google.com/d/msgid/machacers/690022039.4091122.1736440104693%40mail.yahoo.com.