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UW Credit Union drops OD/NSF fees to $5
CEO Paul Kundert says reduction is designed to create more equitable banking.
July 14, 2021 by Ron Jooss, CU Magazine
UW Credit Union in Madison, Wis., reduced its overdraft and (OD) and nonsufficient funds (NSF) fees by more than 80%, to $5 per occurrence from $30.
The $4.5 billion asset credit union says the policy creates a meaningful reduction for members and supports national shifts designed to create more equitable banking.
“Everyone comes up short sometimes,” says UW Credit Union President/CEO Paul Kundert. “From a student managing their first bank account to families who lose track of their current balance, our goal for all members is to help them accumulate wealth, not erode it.”
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Madison, WI – July 13, 2021 – Effective today, UW Credit Union will cut its overdraft (OD) and nonsufficient funds (NSF) fees by more than 80%, from $30 per occurrence to $5. The simplified policy creates a meaningful reduction for members and supports national shifts designed to create more equitable banking. The average NSF/OD fee in the U.S. was more than $33 in 2020, up from $30 in 2010, according to Bankrate.com. UW Credit Union’s new, industry-low fee applies to all its accounts, including checking, savings and money market transactions. UW Credit Union will continue to provide a (-)$10 threshold, under which no fees will be charged, as well as limit fees to a maximum of one per day. UW Credit Union eliminated overdraft fees related to everyday debit card purchases and ATM withdrawals in 2010. These practices remain uncommon among most financial institutions.
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