BANNOCKBURN, Ill.–Great Lakes Credit Union has announced what it called a “significant reduction and removal of a range of fees” on its products and services, a move GLCU said will save members a total of over $1 million annually.
In addition, the credit union said it is also improving accessibility to its BankOn-certified Fresh Checking, which helps those with a poor or limited financial history build or rebuild it for greater future financial opportunities.
According to the $1.2-billion Great Lakes, its fee changes include no out-of-network ATM withdrawal fee, no overdraft protection transfer fee, no monthly Fresh Checking fee, and no replacement debit/ATM card issuance fee.
“This is true even for members who wish to expedite a replacement debit/ATM card; they can do so fee-free up to three times a year,” the credit union said.
In announcing the new pricing, Great Lakes said it hopes to ensure its members have a “little more money in their pockets each month,” especially as inflation sets records.
Fees Get ‘Regular Review’
“At GLCU, we regularly review our fee structure and update our fee schedule accordingly,” said President/CEO Steve Bugg. “As part of our ongoing commitment to financially empower our members, especially those who are perpetually underserved in today’s financial landscape, we are removing and reducing a number of fees typically charged by other financial institutions as a way to invest back into our loyal members.
“We recognize that banking fees deal the strongest blow to vulnerable communities. In addition, many of these fees were utilized to offset the manual processing of the transactions and with our recent investments in technology and process improvements, we no longer need to charge fees for those items and in many cases, we also credited back the fees to members,” he continued. “Ultimately, these fee changes will save our members a collective total of $1,103,414 each year.”
Believer in Financial Wellness
In addition, GLCU said it “strongly believes that financial wellness should be achievable for anyone, regardless of someone’s starting point.”
For that reason, it said it made its fee-free BankOn-Certified Fresh Checking account even more accessible and easy to open, granting members who have a blemished or lacking financial history access to a checking account that can help them rebuild their financial profile.
Avoiding ‘Vicious Cycle’
“In today’s banking industry, people who have poor or sparse financial history are typically restricted from opening a checking account, often due to their ChexSystem file or credit report,” the credit union said. “Without access to a checking account, people who are already financially struggling may end up reliant on check-cashing services, which charge them fees just to access money in their paychecks. Besides being costly, managing money in this way also leaves little possibility for these individuals to rebuild their history to escape this situation.”
GLCU added its BankOn-certified Fresh Checking provides a seamless solution for members who could “otherwise get caught in the vicious cycle of financial problems.
GLCU has more than 80,000 members.
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