Georgia-based CU waives fees, saving members $5 million

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As of May 1, Robins Financial Credit Union ($4 billion in assets, 243,050 members) in Warner Robins, Georgia, eliminated its Non-Sufficient Funds (NSF) — a move that credit union officials say , will save members $5 million each year.

According to a statement from Robins Financial, the credit union will continue to offer a free overdraft protection transfer service. “Members with a checking account can take out overdraft protection by linking their checking account to a savings account or even a Visa credit card. If sufficient funds are not available in the checking account during processing of a qualifying transaction, funds are then transferred from the linked account at no cost to the member,” the statement read.

The credit union said it was waiving the $10 bounce protection fee. This fee was in place if a transaction took the account under $50. The credit union will always offer a free bounce protection fee per member account if the transaction takes the account negative by more than $50.

“Our hope is to see our members be more financially secure through this action and to promote financial equity among our members and help underserved communities,” said President and CEO Christina O’Brien. “We are constantly working to provide the best possible value to our members.”

Over the past year, many credit unions across the country have announced the elimination or reduction of their fee structure.

In April, Palo Alto, Calif.-based Stanford Federal Credit Union announced the complete removal of its NSF fee program. Along with the announcement, officials said the credit union is considering a complete overhaul of its entire overdraft protection program and will unveil it later this year.

According to Stanford FCU’s announcement ($3.8 billion in assets, 80,085 members), its NSF fees were waived on April 1 to improve the financial lives of its members.

Other credit unions that have reduced or eliminated fees include:

  • Power Financial Credit Union, based in Pembroke Pines, Fla., has eliminated all overdraft and insufficient funds fees for members with personal or business accounts.
  • The Oklahoma City-based WEOKIE Federal Credit Union has reduced its fees from $27.50 per event to $15 per event.
  • The Chicago-based Alliant Credit Union has stopped charging its members overdraft fees or NSF on all checking and savings accounts. Alliant remains the largest credit union to eliminate these fees.
  • Madison, Wis.-based UW Credit Union cut its overdraft and NSFs from $30 per event to $5.
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