GLENDALE, Calif.–Los Angeles FCU said situations involving members with non-sufficient funds (NSF) can now be addressed before any payments are declined due to a new partnership it has entered into with DoubleCheck Solutions.
LAFCU said DoubleCheck now notifies members in real-time when their account is overdrawn, enabling them to see which transactions lack the funds to cover them and providing options to “rectify the situation before payments are returned and they suffer negative consequences.”
According to LAFCU’s website, the credit union charges an NSF fee of $29 per check presentment and on debit card transactions as part of its Courtesy Pay program.
The credit union added that “DoubleCheck is unique by offering multiple new payment methods for members to choose from, including the ability to bring cash into their credit union, as well as using a credit card.”
As CUToday.info has reported and as LAFCU noted, legislators and consumer groups have been calling for additional protections around non-sufficient funds, and some FIs have begun to make changes to their overdraft programs.
‘Leading the Charge’
“LAFCU is leading the charge by offering its members a unique solution that empowers members to more fully take control of their financial reputation,” the credit union said in a statement. “With DoubleCheck, LAFCU members have a new way to avoid the ripple effect of negative consequences that result from a declined payment, including multiple fees, a poor credit rating and a damaged reputation.
On average, consumers that experience three NSF transactions in one day will save $175 with DoubleCheck.
“This important and new service exemplifies our motto of people helping people—especially in times of need,” said Richard Lie, LAFCU president/CEO. “Our members deserve tools that protect their hard-earned financial reputations. With DoubleCheck they have more control over their transactions, enabling them to avoid the negative consequences that result from declined payments.”
The $1.26-billion LAFCU said its 72,000 members now have the option to pay for potentially overdrawn items with cash, credit card, or a third-party payment service.
“This control makes it easy to ensure priority payments like rent, mortgage and utilities are made first,” the credit union said.
Suspicious Charge Reporting
In addition, it said members can report suspicious charges as fraud through DoubleCheck, enabling LAFCU to immediately reject the item and avoid fraudulent transactions being charged to the member’s account.
“DoubleCheck’s vision is to provide LAFCU members with control of their financial destiny. The exceptional transparency and payment choices our solutions enable allow members to make decisions and control their accounts in real-time,” said Joel Schwartz, Founder and Co-CEO of DoubleCheck Solutions. “LAFCU is breaking new ground as they join us in the movement for more member control and transparency.”