ST. JOSEPH, Mich. – United FCU said it is eliminating its overdraft protection and non-sufficient funds fees, while also reducing courtesy pay fees for all members.
The $3.8-billion United’s new overdraft policy will take effect April 1, 2022 eliminating overdraft protection and non-sufficient funds (NSF) fees and reducing the courtesy pay fee from $35 to $20.
“Reducing and eliminating fees associated with overdraft aligns with United’s mission of enhancing their members’ lives through a wide variety of financial tools and solutions,” the credit union said.
“Our motivation for eliminating and reducing fees associated with overdraft is simple – it’s the right thing to do,” said United FCU President/CEO Terry O’Rourke. “These fee changes are consistent with our core value as a credit union of people helping people. Those who rely on courtesy pay are often the ones least able to afford it. We’re taking a stance to support our members’ financial wellness and provide options that help them avoid fees.”
United FCU said it will continue to offer its overdraft protection benefit that allows members to automatically transfer funds from one account to another to cover overdrafts, while eliminating the $10 transfer fee. The CU further noted it will continue to deny payment in cases of non-sufficient funds, but without charging a $35 fee.
‘The Tools to Help’
“We have the tools to help members avoid overdrawing their accounts,” continued O’Rourke. “We also know that life happens, and when it does, we’re here to help with affordable overdraft solutions. We want all of our members to feel welcome and accepted at United with options to meet their unique financial needs.”
United FCU has more than 183,000 members.
As CUToday.info has reported, other credit unions that have eliminated overdraft fees include Alliant Credit Union, Westerra Credit Union, and Power Financial Credit Union.