RALEIGH, N.C. – SECU said it waived $5.6 million in non-sufficient funds (NSF) fees and more than $333,000 in overdraft transfer fees during 2014 as a result of its “Another Chance” program. Moreover, SECU said it paid through its Another Chance program more than 381,000 items that would have been returned as NSFs with $14 million in potential charges.
SECU launched NSF Fee Free Days, Overdraft Fee Free Days and the Another Chance program five years ago. With NSF Fee Free Days the $12 NSF fees, which are already low among financial institutions, are waived on the first two days during the year that a member incurs an NSF, further decreasing a member’s financial burden, SECU said.
“The Overdraft Fee Free program follows the same premise, waiving the $.50 transfer fee, also an industry low, on the first two days during the year that a member incurs an overdraft,” SECU said in a statement.
SECU’s Another Chance program works by sending members an alert notification that a deposit or transfer of funds is needed by 5:30 p.m. on the day of receiving the alert to prevent one or more items from being returned due to insufficient funds. More than one-million SECU checking account holders have the potential to reap the benefits of these cost-saving programs, the credit union noted.
“SECU is committed to doing the right thing for member-owners. It’s important to make a positive financial difference whether it’s through higher deposit rates, lower loan rates or low/no-fee services,” said Jennifer Hamrick, SECU’s SVP of support services. “When managing day-to-day finances, mistakes happen and unfortunately consumers find themselves in a more difficult position with the addition of excessive penalties and fees. SECU’s combination of forgiveness programs holds true to the mission of the credit union by making some of those mistakes a little less painful and helping members keep more money in their pockets.”