ALEXANDRIA, Va.– United States Senate FCU said it will be eliminating its NSF and overdraft fees. in the second quarter of this year. Plans are to develop a solution to support members who overdraw their accounts and will be announced soon, the credit union said.
“At USSFCU, we have always been about what is best for our members, and we never want to lose sight of that. At the end of the day, it was an easy decision,” said President & CEO Timothy L. Anderson. “If one of our members is struggling to keep their head above water financially, we want to be a solution to help and not add to their burden.”
The $1.261-billion USSFCU said the move to eliminate the fees is part of a broad effort to reduce costs to members. The credit union noted that in 2021 it returned $1.7 million in year-end dividends to members, and that in 2022 it invested time and resources into significant upgrades to banking platforms while also rolling out new products and services.
“USSFCU has always been driven by that old credit union motto of people helping people—that’s not going to change,” Anderson added. “Not only will we eliminate NSF/overdraft fees, we are also providing a safety net of sorts for those members who dip into the negative.”
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