The $29.5 billion State Employees' Credit Union said it gives its members special dividends all year through lower fees and fee forgiveness.
The Raleigh, N.C.-based cooperative said it charges only $12 per transaction when members have insufficient funds in their checking accounts and $0.50 per transaction to move money from saving to checking to cover any overdrafts.
Further, SECU has a program called Another Chance that sends members a notification every time an item hits their accounts that would cause an overdraft and gives them a 5:30 p.m. deadline that day to deposit or transfer funds to cover the gap. SECU said also waives those fees on the first two days a member has an overdraft.
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In 2014, the credit union said it waived $5.6 million in NSF fees and $333,000 in overdraft transfer fees.
SECU also paid 381,000 items that, had they been returned, would have hit members with $14 million in potential charges, according to the credit union.
"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," Jennifer Hamrick, SECU SVP of support services, said.
She added, "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."
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