LA CROSSE, Wis.–Marine Credit Union has launched a new program, CoverIt, which it said is a subscription-based program that allows members to “dip into a grace zone” up to -$50 without being penalized with per item overdraft fees.
Members pay $12.95 per month for the subscription. If the overdraft protection is not needed that month, the member receives a five-dollar rebate as a “shared success for the member and Marine.”
According to Marine, the CoverIt program’s unique design was introduced to members as an alternative to the credit union’s traditional $35 overdraft protection fees.
“We were seeing too many members heading down a bad cycle of debt, just because of overdraft fees,” said Adam Keer, chief experience officer at Marine. “This program rewards members for using their overdraft protection responsibly and saving them from large overdraft fees.”
In the first two months of the program, Marine reported more than 300 members have enrolled and saved a combined $4,000 in overdraft fees.
Support for ‘Mission’
Marine CU said the CoverIt program supports its mission to advance the lives of people from a place of financial need to a life of ownership and giving back in our communities.
“CoverIt is valuable to Marine members who live paycheck to paycheck,” the credit union said. “It’s a step in the right direction to create a manageable budget and plan for life’s little ups and downs.”
In 2017, Marine CU told CUToday.info it was “specifically focused on servicing the underserved.”