Advantis CU Lowers Fees, Results in Saving $400,000 for Members

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.