Everence® Federal Credit Union reduced or eliminated overdraft and nonsufficient funds fees on consumer savings and checking accounts, as of April 1.
- Courtesy pay on checking accounts will decrease from $30 to $10.
- Nonsufficient funds fees will decrease from $30 to $10.
- Overdraft transfer from savings account fees – currently $10 – will be eliminated.
Banks and credit unions historically have used fees to discourage depositors from regularly having a negative account balance, noted Matthew Gehman, President and CEO of Everence Federal Credit Union.
“We understand that sometimes people may lose track of their balances and pay for something that costs more than they have in their account,” Gehman said. “We don’t think aggressive penalties in those cases are necessary, and in fact may conflict with our goal of supporting our members as they use their money in ways that honor their beliefs.”
Everence Federal Credit Union will inform members of the fee reductions on their monthly statements.
Anyone interested in more details is encouraged to visit everence.com/service-schedule