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Oregon's sixth largest credit union, Advantis Credit Union, announced it reduced its overdraft and non-sufficient funds (NSF) fees from $25 to $10 per occurrence.
The reduction in fees, according to the Clackamas, Ore.-based credit union ($1.9 billion in assets, 85,161 members), went into effect on March 1.
In a statement, Advantis President/CEO Jason Werts said, "Too often the members who incur these fees are already the most financially vulnerable. Whether they are a family living paycheck to paycheck, a college student with their first account, or someone getting back on their feet after a job loss, adding additional hardships to these individuals goes against who we are. As a not-for-profit financial cooperative, it is our top priority to remove financial pain points and support our members' financial success. Reducing these fees is one way to help ease the financial burden on these members."
According to the credit union, the reduction in fees will result in a savings of nearly $400,000 for members in the year ahead.
Advantis joined nearly 20 other credit unions that have announced fee eliminations or reductions in the past nine months. Some of the credit unions included:
- As of February, the Austin, Texas-based Amplify Credit Union eliminated all fees on all deposit accounts.
- As of Oct. 1, the Pembroke Pines, Fla.-based Power Financial Credit Union eliminated all overdraft and non-sufficient funds fees for members with personal or business accounts.
- In September, the Oklahoma City-based WEOKIE Federal Credit Union reduced its fees from $27.50 per occurrence to $15 per occurrence.
- In August, the $14 billion Chicago-based Alliant Credit Union stopped charging members for overdraft fees or NSFs on all checking and savings accounts. Alliant remains the largest credit union to eliminate those fees.
- In July, the Madison, Wis.-based UW Credit Union reduced its overdraft and NSFs from $30 per occurrence to $5.
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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.
