MILWAUKIE, Ore.–Clackamas FCU is reporting that many of the fee changes it announced during 2020 to help members struggling during the pandemic have now been made a permanent feature of its fee schedule.’
During 2020 the credit union said the pricing adjustments it made saved members an estimated $20,000.
Saying it is “bucking trends and ignoring local competitor financial institutions,” Clackamas FCU said its non-sufficient funds (NSF), overdraft, returned item, and stop payment fees are now set at just $12, more than 64% less than the national average of $33.47, according to a 2020 Bankrate study.
In announcing the changes, the credit union noted virtually all banks and credit unions have to charge fees to help pay for ATMs, digital banking and other services that members enjoy, but NSF and overdraft fees often disproportionately impact those members who are struggling the most to make ends meet. These members are at the forefront of the decision to dramatically reduce fees.
A ‘Proud History’
“Clackamas Federal Credit Union has a proud history of improving lives. Working for our members is what we do, and this most recent step will help even more people, who are working hard to get ahead,” said President/CEO Aaron Goff. “We know these changes will make a huge difference for members during tough financial times, both now and in the future.”
The $517-million credit union cited data from Callahan & Associates that showed the average fees paid by a Clackamas member for one year are 45% less than the average fees paid per member for one year at other credit unions nationwide.
Clackamas estimates the new fee reductions will save members over $220,000 in 2021.