U.S. Senate FCU Officially Cuts NSF & Overdraft Fees
Earlier this year USSFCU announced plans to eliminate overdraft and non-sufficient funds [NSF] fees by the second quarter of 2023. As of April 17, 2023, members no longer incur those fees on their accounts.
Overdraft and NSF fees were previously charged when a check, recurring debit card payment or automatic payment was presented against a member’s account with insufficient available funds. This old practice has been replaced with USSFCU’s all-new Courtesy Pay Program (CPP). The new CPP Program provides a buffer for overspending without charging a fee.
“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.”
Earning income from fees and penalties has never been a major source of income or financial focus for the Credit Union. Not only does USSFCU earn less fee income than most banks, but they also earn lower fee income than many other financial services organizations.
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