If you have a checking account, mistakes can happen. Fortunately, for State Employees’ Credit Union (SECU) members, those mistakes don’t have to be quite as costly, thanks to the Credit Union’s NSF and Overdraft Fee Free Days. As a result of these two member-friendly initiatives, SECU saved its 1 million checking accountholders more than $3.5 million in fees in the first five months of 2013!
So how do these “Fee Free Days” work for members? With NSF Fee Free Days, SECU waives any and all NSF fees incurred on two separate days during the calendar year (SECU already offers its members a very low $12 NSF fee). If a member miscalculates and several checks/debits present with no account funds or traditional overdraft funds available, SECU will return the items, but waive the fees on the first two days of occurrence. These waivers help to alleviate some of the financial burden on SECU members. Similarly, SECU’s Overdraft Fee Free Days provide all checking accountholders enrolled in the Credit Union’s no-cost-to-enroll Overdraft Protection Program the automatic benefit of having overdraft transfer fees waived for two separate days in the calendar year. Overdraft funds will still be transferred from the protecting account to cover the items, but the minimal transfer fee of $.50 per transaction is not applied. In the noted five-month period, SECU waived nearly 700,000 overdraft/NSF fees!
Jennifer Hamrick, SECU Senior Vice President of Support Services comments, “SECU’s NSF and Overdraft Fee Free Days represent the Credit Union’s commitment to providing true consumer value and keeping our members’ best interests first. As a cooperative, the Credit Union works hard to develop programs that will encourage the financial success of its membership.”
While these Fee Free programs are tied to SECU’s traditional checking account product, this account is not the only option members have to avoid those fees. SECU offers a CashPoints Global (CPG) controlled spending account with electronic only access through a CPG card. There are no checks and all transactions are limited to the available funds in the account, so there is no risk of overdraft or NSF fees. SECU’s base share account is another alternative to avoid NSF/Overdraft fees and is conveniently accessible through the Credit Union’s more than 1,100 statewide no-surcharge CashPoints ATMs.