WAUSAU, Wis.–Connexus Credit Union said it has reduced its overdraft and non-sufficient funds (NSF) fees to $4 from $29.95, saying the decision supports more equitable banking and increase giveback dollars to its member-owners.
In addition, the credit union has also capped NSFs at two per day. Connexus said the reworked fee structure makes it one of the most competitive in the nation.
“Our biggest priority is doing what’s in the best interest of our members, and this is an impactful and tangible way to do so,” said Claire Meney, SVP-member experience at Connexus. “We strive to provide exceptional experiences and foster prosperity for those we serve, and reducing or eliminating fees will enable members to keep and manage more of their own money, especially when they need it most.”
‘Member-Centric Initiatives’
In announcing the move, the credit union noted, as CUToday.info recently reported, that a Bankrate.com 2021 Checking Account and ATM Fee study had found overdraft fees nationally are $33.58, up 11 cents over 2020 and rose for the 21st time in the past 23 years.”
“The most recent reductions are the latest in our long history of member-centric initiatives, including already eliminating or reducing most fees and consistently offering nationally top-tier deposit and loan rates,” stated Meney.
Since 2018, the $3.7-billion credit union said its fee schedule modifications have saved members more than $500,000.
Connexus has approximately 391,000 members.
Other Credit Union NSF Reductions
As CUToday.info has also reported, other CUs that have recently announced changes in their NSF fees include:
- Westerra Credit Union, Denver, which has eliminated all of its overdraft and NSF fees
- Alliant Credit Union, Chicago, which has eliminated its overdraft and NSF fees
- Affinity CU, Des Moines, Iowa, which has reduced its ATM and debit card purchase overdraft fees to $15, and completely eliminated overdraft fees for debit card transactions of $5 or less
- CoVantage Credit Union, Antigo, Wis., which has eliminated all overdraft fees, non-sufficient fund fees, courtesy pay fees and automatic savings transfer fees on their members’ checking accounts
- U.S. Eagle FCU, Albuquerque, which has cut its overdraft fees to zero
- Power Financial CU, Pembroke Pines, Fla., which eliminated OD and NSF fees on personal and business checking accounts, a move it said will save members $1 million annually
- UW Credit Union, Madison, Wis., which has now cut its overdraft and nonsufficient funds fees by more than 80% to just $5 per occurrence, from its prior fee of $30
- WEOKIE Credit Union, Oklahoma City, Okla., which has reduced its NSF charge by nearly 50%, cutting the fee to $15 per occurrence from $27.50