Fees Eliminated, Reduced at Navigant CU ‘Effective Immediately’

Officials with the $3.7 billion Navigant Credit Union announced this week that “effective immediately” overdraft fees have been eliminated and its Insufficient/Uncollected Funds fees have been either eliminated or drastically reduced.

Headquartered in Smithfield, R.I., and the state’s largest credit union, Navigant Credit Union’s executives stated the fee schedule and policy changes reflect its commitment to give members “the best banking experience possible,” and that the fee eliminations and reductions apply to both consumer members and business members.

According to Navigant, the following fees were eliminated: Overdraft fees (was $3); Insufficient/Uncollected Funds Fees for a returned item (was $34) and items paid between $0-$9.99 (was $34).

The credit union reduced Insufficient/Uncollected Funds Fees for items paid between $10-$99.99 to $10 (was $34) and items paid of $100 and higher to $20 (was $34).

“More often than not, overdrafts are the result of simple oversights like forgetting to deposit a check or transfer funds from separate accounts, and we don’t believe our members should be penalized for that” Navigant Credit Union President/CEO Kathy Orovitz said. “Our goal in everything we do is to help our members improve their financial well-being, and we are proud to be a leading financial institution in Rhode Island to roll out these protections.”

Just weeks ago, the Pasadena, Calif.-based Wescom Credit Union ($6.4 billion in assets) announced it eliminated non-sufficient funds (NSF) fees on checking accounts as of Aug. 1, 2024.

These fee eliminations and reductions come after the NCUA Board approved a requirement that credit unions with more than $1 billion in assets report income from overdraft and NSF fees on their Call Reports.