Credit Card Convenience Fee
As most members are aware, especially those who attended the Town Hall meetings this year, the Board, with the Finance and BOAT committees, has been carrying out an ongoing review of the Club’s finances. EYC’s operating and capital accounts have been examined with a view to both reduce costs where appropriate and to identify opportunities to create increased revenues. One area we are acting upon is the amount EYC pays in credit card fees.
Currently, the Club spends approximately $65,000 per year on credit card fees. Roughly 45% of this is from the quarterly office billing transactions for dues, assessments, marina fees and initiation fees. While we realize the convenience to members of being able to pay by credit card, by offsetting this fee the Club would save up to $30,000 per year. As a result, the Executive Board has decided to implement a 2.5% convenience fee if you choose to use a credit or debit card to pay for dues, assessments, initiation and marina fees, or invoices for banquets. This policy has also been recommended by the BOAT and Finance Committees and is consistent with what is happening in many organizations.
This convenience fee will be effective for the first quarter 2018 billing and all billings thereafter.
This policy DOES NOT apply to purchases of food, beverage, outfitters, and other smaller transactions in the bar and dining room.
Payments in the form of checks, eChecks, and other electronic forms of payment that have no fee or very small fees will not be subject to the 2.5% convenience fee. Check with Donna to be sure before payment. Just to confirm, we still accept credit and debit cards, however there will be a convenience fee charged when used for invoicing.
If you usually pay by check, then this policy will have no impact. If you have a credit card on file, you can either continue to use it and pay the fee, or elect to be billed and pay by check. Please keep your eyes open via snail mail for more specific instructions from the office.
We recognize that implementing a policy like this may present some challenges and we foresee it taking a couple of billing cycles to iron out the finer points of the change. Your patience and understanding through this process is greatly appreciated. We believe the significant cost savings for EYC make this a prudent change.
Also, please be aware the $100 bar credit, and other amounts as dictated by membership category, for paying one’s annual dues by check before December 31 will no longer be offered. The bar credit was principally funded by the savings of the credit card fee and that benefit will no longer exist. Thank you for your attention to and assistance with these important club financial matters. If you have any questions, please feel free to contact a Board or Finance Committee member.
Welcome to EYC
|Sat Nov 18 @ 6:00PM - 09:00PM|
Chesapeake Seafood Bake
|Sat Nov 18 @ 6:00PM - 08:00PM|
Outfitters Open & Selling
|Wed Nov 22 @ 7:00PM - 09:30PM|
|Thu Nov 23 @12:00AM|
Happy Thanksgiving! Clubhouse Closed Today
|Sat Nov 25 @12:00PM - 05:00PM|
|Sat Nov 25 @12:00PM - 02:00PM|
Outfitters Open & Selling
|Wed Nov 29 @ 7:00PM - 08:00PM|
Green Team Lecture
|Fri Dec 01 @ 5:00PM - 06:00PM|
Bar Deck Reserved-Captain's Meeting for the "Norm"
|Fri Dec 01 @ 6:00PM - 08:00PM|
Family Movie Night
|Sat Dec 02 @12:00AM|
Norm Baldwin Memorial Fall Rockfish Tournament
|Sat Dec 02 @ 6:00PM - |
'Get Your Elf On' Holiday Party
|Sun Dec 03 @11:00AM - |
'Get Your Elf On' Hangover Brunch