In First Step to More Changes, Michigan-Based Credit Union to Halt NSF Fees
Financial Plus announces ways it is taking its services to the next level.
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.
“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.
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.