BURTON, Mich. – ELGA Credit Union has reduced its non-sufficient funds (NSF) and courtesy pay service charges to $15 from $25, saying the change will deliver $4 million in annual savings members.
The reduction went into effect in January. ELGA said the move saved members $348,980 in January.
“Our purpose is people helping people, and we continuously look to improve the service our members receive,” said CFO David Brandt. “This change reduces the cost of a service a large number of our members use by 40%.”
ELGA CU said the change is part of the credit union’s menu of affordable money management tools, which include,
- Free balance notifications through mobile banking alerts, texts, or email
- Overdraft transfer from linked savings accounts.
- Affordable small dollar loans
- Free online budgeting and money management video tutorials