Pembroke Pines, Fla. (October 5, 2021) |
Power Financial Credit Union (PFCU), one of South Florida’s largest credit unions, is excited to announce it will be eliminating all overdraft and non-sufficient funds fees for both its personal banking and business banking members. PFCU will be the only credit union in South Florida and one of the few financial institutions in the nation to eliminate overdraft and non-sufficient funds fees.
“Banks and credit unions charged $30 billion in overdraft fees in 2020. But what is even more striking about overdraft fees is that they disproportionally hurt those individuals and families that are most vulnerable financially,” commented Allan Prindle, President and CEO. “We don’t think that is right, so we decided to do what we always do and put the financial needs of our members above all else by taking the industry-leading step to get rid of all overdraft and non-sufficient funds fees.”
Overdraft fees can really hurt consumers by keeping them in the perpetual cycle of debt. One forgotten payment or an unexpected expense can push those living check-to-check to overdraft their account and pile up significant fees. With the elimination of overdraft and non-sufficient funds fees, Power Financial Credit Union is making banking more accessible, inclusive and forgiving.
Prindle added, “We are helping our hard-working members keep more money for the things that matter most. This member-first commitment is what sets us apart from profit-driven financial institutions. By eliminating overdraft and non-sufficient funds fees, we’re putting almost $1 million annually back in our members’ pockets.”
To learn more, visit www.PowerFi.org/Overdraft.