WINSTON-SALEM, N.C.– Truliant Federal Credit Union has announced it will no longer charge a non-sufficient funds fee (NSF).
In conjunction with the move, the credit union said it is introducing reduced costs with improved choices for overdraft services.
Truliant reported it is reducing its fee for overdraft services and will only assess a charge when a “member benefits from the credit union paying a transaction that would‘ve otherwise been rejected.”
“Punitive fees are not the right solution to help members manage account balances,” said VP-Member Success and Loyalty Jeremy Cline. “While many financial institutions have reduced or even stopped providing overdraft coverage, we listened to our members, analyzed their needs, and decided to keep ours,” said Jeremy Cline, vice president of member success and loyalty.
“We’re reducing our members’ costs without diminishing service levels,” Cline continued. “Our overdraft services provide much needed liquidity when our members need it most. A rejected transaction due to a mistake or timing issue can be incredibly disruptive.”
According to Truliant, it paid more than $100 million in member and business checking account overdrafts in 2022. The majority were for large transactions like grocery bills, auto loans and mortgage payments.
The Options Available
Truliant said it offers several services to help manage accounts “responsibly,” including:
- Its overdraft transfer and Balance Backup overdraft services provide options that members can choose from to protect their accounts.
- IT provides multiple account monitoring solutions, including customizable low balance text notifications to help members avoid overdraft fees.
- Through Early Pay, Truliant makes funds from recurring automatic deposits available up to two days early to provide members access to funds more quickly.
- Truliant said it also offers account transfers from lines of credit or other deposit accounts if they are available.
As CUToday.info reported here, US Senate FCU also recently reported it would be cutting its NSF fees.
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