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SECU’s fee forgiveness programs save members millions!
RALEIGH, NC (February 5, 2015) — Let’s face it… in real life mistakes happen to us all. While most people are charged fees when making a financial mistake, State Employees’ Credit Union (SECU) has taken a financially unconventional approach and “forgives” fees, offering members “Another Chance” as a benefit of SECU membership. In 2014 alone, SECU waived $5.6 million in non-sufficient funds (NSF) fees and more than $333,000 in overdraft transfer fees, in addition to paying, through its Another Chance program, over 381,000 items that would have been returned as NSFs with $14 million in potential charges!
The Credit Union launched NSF Fee Free Days, Overdraft Fee Free Days and the Another Chance program five years ago, providing additional value to its checking account product with no-cost overdraft protection. With NSF Fee Free Days the $12 NSF fees, which are already an industry low, are waived on the first two days during the year that a member incurs an NSF, further decreasing a member’s financial burden. The Overdraft Fee Free program follows the same premise, waiving the $.50 transfer fee, also an industry low, on the first two days during the year that a member incurs an overdraft. SECU’s Another Chance program works by sending members an alert notification that a deposit or transfer of funds is needed by 5:30 p.m. on the day of receiving the alert to prevent one or more items from being returned due to insufficient funds. Over 1 million SECU checking account holders have the potential to reap the benefits of these cost-saving programs!
“SECU is committed to doing the right thing for member-owners. It’s important to make a positive financial difference whether it’s through higher deposit rates, lower loan rates or low/no-fee services,” says Jennifer Hamrick, SECU’s Senior Vice President of Support Services. “When managing day-to-day finances, mistakes happen and unfortunately consumers find themselves in a more difficult position with the addition of excessive penalties and fees. SECU’s combination of forgiveness programs holds true to the mission of the Credit Union by making some of those mistakes a little less painful and helping members keep more money in their pockets.”
About SECU
A not-for-profit financial cooperative owned by its members, SECU has been providing employees of the State of North Carolina and their families with consumer financial services for 77 years. The Credit Union also offers a diversified line of financial advisory services including retirement and education planning, tax preparation, insurance, trusts, estate planning and investments through its partners and affiliated entities. SECU serves nearly 2 million members through 254 branch offices, 1,100 ATMs, 24/7 Contact Centers and a website, www.ncsecu.org.