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In what was described as a "first step" to bring more value to members, the Flint, Mich.-based Financial Plus Credit Union ($830.9 million in assets, 57,891 members) released details on Wednesday that included the credit union dropping Non-Sufficient Funds (NSF) fees as of June 1.
In a statement from Financial Plus, the credit union attributed the NSF fees elimination to show "its commitment to operational efficiency and investments in technology" and the credit union's president/CEO, Brad Bergmooser, said this move is just a first step as he anticipates more fee and product changes ahead.
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"Our mission is to turn progressive strategic investments into member value. In this case, we're proud that our drive to enhancing and modernizing internal processes has led to the elimination of our NSF fee. It's exciting to see our continued digital transformation allow us to provide improved member service without added expense," Bergmooser said.
Brad Bergmooser He continued, "We view the constant assessment of our fee and pricing structure as an integral component of our overall financial wellness program; members who may be struggling financially should to turn to us for guidance and stability without the added stress of having to pay fees that have become unnecessary. Looking for ways to provide a 'frictionless' experience should extend to reducing fees that don't relate to costs the organization incurs."
In addition to the fee elimination, the credit union announced it has Certified Financial Counselors on staff for the first time, which the credit union claimed would take its "financial services to the next level" to become "a hub for education and resources" for members.
Earlier in May, Robins Financial Credit Union ($4 billion in assets, 243,050 members) in Warner Robins, Ga., eliminated its NSF fees, in a move that credit union officials said will save members $5 million each year.
Numerous credit unions around the country over the past 12 months have dropped or reduced fees.
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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.
