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.”

About Chartway Federal Credit Union
Chartway FCU, a not-for-profit financial institution, has been serving members and families since 1959, building a service network that includes 64 branches in 10 states. Headquartered in Virginia Beach, VA, the credit union’s reach extends through Arkansas, Florida, Georgia, New Jersey, North Carolina, Ohio, Rhode Island, Texas, Virginia and Utah. HeritageWest Credit Union and SouthWest Community Credit Union joined the Chartway family in 2010. Utah Central became part of the organization in 2011. Altogether, the organization has assets of more than $1.9 billion, and serves 230,000 members. For more information, visit www.chartway.com; or, follow them at www.facebook.com/chartwayfcu.