WASHINGTON– U.S. Senate Federal Credit Union said it has now officially cut all of its overdraft and non-sufficient funds [NSF] fees.
As CUToday.info reported earlier this year, the $1.3-billion credit union had announced plans to eliminate fees for members when they had insufficient funds to cover a check, recurring debit card payment or automatic payment.
USFCCU said it now offers a Courtesy Pay Program (CPP), pricing details of which can be found here. Members can opt out of the program, but will be responsible for any overdrawn balances. The credit union also cautions that if it discovers a member is using Courtesy Pay as a “regular line of credit by creating excessive overdrafts,” it may suspend the program.
Commitment to Members
“We made a commitment to our members that we would eliminate NSF and overdrafts fees and that is exactly what we have done.” stated USSFCU President & CEO Timothy L. Anderson. “People helping people is at the core of what we do and if eliminating this fee can help a family meet their financial needs, I am all for it.”
In a statement, USSFCU said earning income from fees and penalties has “never been a major source of income or financial focus, and that it not only earns “less fee income than most banks…but also lower fee income than many other financial services organizations.”
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