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The Oklahoma City, Okla.-based WEOKIE Federal Credit Union is the latest cooperative to announce an elimination or major slashing of its overdraft and non-sufficient funds (NSF) fees. According to an announcement Monday from the $1.3 billion credit union, it will reduce these service fees by nearly half – from $27.50 per occurrence to $15 per occurrence – starting Sept. 1.
WEOKIE stated that the decision was made in the hopes of assisting Oklahomans struggling with financial hardships, especially during COVID-19, and that it "supports national shifts designed to create more equitable banking for everyone." The change applies to all member accounts, including checking and savings.
"WEOKIE strives to be a positive force in the community and many Oklahomans are facing financial hardships in the face of a pandemic and inflation," WEOKIE President/CEO Jeff Carpenter said. "We are eager to step up and help our members' financial well-being by delivering real solutions, building trust and helping our members grow their savings. WEOKIE's mission statement is 'do the right thing,' and I believe we are doing right by our members with this decision. We believe this move is critical to achieving our vision of becoming our members' most trusted financial partner and two of our strategic priorities related to providing financial well-being for all and delivering benefits of a cooperative ownership."
WEOKIE currently serves more than 60,000 members who live, work, worship or attend school in the greater Oklahoma City metro area.
In July, UW Credit Union in Madison, Wis. ($4.5 billion in assets, 296,580 members) announced that it cut its overdraft and NSF fees from $30 per occurrence to $5. And earlier this month, the Chicago-based Alliant Credit Union ($14.2 billion in assets, 600,000 members), revealed it would be eliminating overdraft and NSF fees on all checking and savings accounts altogether.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
