SAN ANTONIO—Air Force FCU here has introduced a new “SAF-T Account” for members.
The SAF-T account is designed to safeguard users against various fees charged by the credit union, it said in making the announcement.
“The SAF-T account is a non-traditional transactional checking account,” AFFCU said in a statement. “It does not have checks and only PIN-based transactions can be done on the AFFCU Visa Debit card. It's unique in that there are no monthly maintenance fees and it protects you from fees such as NSF, Courtesy Pay, Overdraft Protection, Dormant account and other fees.”
The credit union said the product is best for members who are using a checking account for the first time or those members whose employers do not offer Direct Deposit and have their payroll loaded on to a reloadable card. It has built-in mechanisms that can help develop disciplined transactions and spending habits, AFFCU added.
"We've worked hard to develop a product that is safe and efficient for our members to use and yet doesn't have hidden fees that could impact their accounts negatively. They will, for the most part, have safe transactions and it can help them develop good spending habits," said President/CEO Robert Glenn.
There are a few requirements to open the account beyond being an eligible member, making a minimum opening deposit of $25, and signing up for e-statements.
The $379-million Air Force FCU has 41,125 members.