Source: Shutterstock.
One of the largest credit unions on New York's Long Island, Jovia Financial Credit Union, became the latest credit union to eliminate overdraft and non-sufficient funds (NSF) fees. The credit union took the fee elimination to a new level by also restructuring its line of checking account products to reflect a more member-friendly approach.
The announcement on Monday from the Westbury, N.Y.-based Jovia Financial ($3.9 billion in assets, 206,572 members) stated it launched a new "CareFree Checking" product line with no overdraft or NSF fees "designed to empower the residents, employees, students and business owners of Nassau and Suffolk Counties by giving them access to appropriate, affordable and timely financial products and services."
With its new, no-fee product offerings, members can select two types of checking accounts:
- CareFree Checking: Members can take advantage of no NSF and no overdraft fees with no monthly maintenance fees and no minimum balance.
- Go Green Checking: Members can earn 1% on account balances up to $25,000 with no monthly maintenance fees, no minimum balance, up to $20 in ATM rebates and first order of checks free.
Jovia COO Nina Smith said, "We know there's no such thing as one-size-fits-all banking. We are proud to offer membership and services for people of all financial needs. For that purpose, we are committed to becoming the most financially inclusive and equitable credit union by welcoming those who are underbanked and underserved."
In addition, Jovia launched a "Green Light Checking" account for those members who do not qualify for the other accounts. The credit union described it as a "component of Jovia's inclusive Momentum Banking program, (where) credit challenged members, who have been turned down by other financial institutions can open a low fee checking account with no minimum balance."
"With three checking account programs, anyone looking to open a checking account with Jovia will find a solution that works for them," Smith added.
As CU Times has reported, roughly two dozen credit unions have announced a full elimination or reduction of overdraft and NSF fees in the past 11 months.
Earlier this month, the Palo Alto, Calif.-based Stanford Federal Credit Union announced the full elimination of its NSF fees program. Adding to that, officials said the credit union is eyeing a complete overhaul of its entire overdraft protection program and unveiling it later this year.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
