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To "support more equitable banking and increase giveback dollars" for members, the Wausau, Wis.-based Connexus Credit Union said it slashed its overdraft and non-sufficient funds (NSF) fees this week by 86%.
In a statement, Connexus said it reduced overdraft and NSF fees from $29.95 to $4 per occurrence and will cap the fees to two per day. The credit union said this decision "is consistent with Connexus' commitment to investing in their members and prioritizing their financial goals. The reduction makes Connexus' fee structure one of the most competitive in the nation and was designed to keep more dollars in the pockets of member-owners."
"Our biggest priority is doing what's in the best interest of our members," SVP of Member Experience Claire Meney said. She continued, "And this is an impactful and tangible way to do so. We strive to provide exceptional experiences and foster prosperity for those we serve, and reducing or eliminating fees will enable members to keep and manage more of their own money, especially when they need it most."
Connexus' announcement followed a half-dozen other credit unions that have made similar reductions or full elimination of fees in the past few months.
"The most recent reductions are the latest in our long history of member-centric initiatives, including already eliminating or reducing most fees and consistently offering nationally top-tier deposit and loan rates," Meney said.
The credit union said its fee schedule modifications have saved Connexus member-owners over $500,000 since 2018.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
