WATERLOO, Iowa – Veridian Credit Union said it is reducing overdraft fees and refunding future fees for returned items following changes to its overdraft policies.
The $6-billion credit union’s fee per overdraft has now dropped to $20 from $32, while its fees for returned items moving forward will now be fully and automatically refunded.
“These changes help our members keep more of their own money when they need it most and give them more peace of mind in managing their finances,” said Veridian President and CEO Renee Christoffer. “It’s one more thing we can do to make a positive difference on their financial future.”
Veridian’s overdraft policy offers a menu of options that allow members to avoid unwanted overdraft fees and choose how their accounts will respond when transactions are attempted without sufficient funds in their checking account, the credit union said.
Members Have Choice
“Veridian members can choose to cover an overdrawn account with funds from another account or an interest-bearing line of credit – both for no fee. They can also choose for such transactions to be returned or allow their account to be overdrawn,” the credit union explained.
Members who enroll in Veridian’s Courtesy Pay service and allow items to be paid when funds aren’t available will now pay a $20 fee for paid overdrafts, rather than the previous $32 fee. If the transaction is returned, the $20 fee will now be automatically refunded.
Early Direct Deposit Offered
Veridian noted the reduced fees come one month after it announced its new Early Direct Deposit service, making members’ electronic payroll available up to two days before payday.
Veridian has more than 286,000 members.