Monday, September 13, 2021

Significant reduction in overdraft fee.


OKLAHOMA CITY, Okla.––WEOKIE Credit Union has become the latest to announce a significant reduction in its overdraft fee.

The $1.3-billion WEOKIE said it is reducing its NSF charge by nearly 50%, cutting the fee to $15 per occurrence from $27.50.

WEOKIE Federal Credit Union is the first financial institution in Oklahoma to announce a decrease of their members’ overdraft and non-sufficient funds service charges by almost 50%. The applies to all accounts, including checking and savings.

“WEOKIE strives to be a positive force in the community, and many Oklahomans are facing financial hardships in the face of a pandemic and inflation,” said WEOKIE President and CEO Jeff Carpenter in a statement first reported by the Cornerstone CU League. “We are eager to step up and help our members’ financial well-being by delivering real solutions, building trust, and helping our members grow their savings.

‘Do The Right Thing’

“WEOKIE’s mission statement is, ‘Do the right thing,’ and I believe we are doing right by our members with this decision,” Carpenter added. “We believe this move is critical to achieving our vision of becoming our members’ most trusted financial partner and two of our strategic priorities related to providing financial well-being for all and delivering the benefits of a cooperative ownership.”

As has reported, WEOKIE is not alone in reducing its NSF fee. In Madison, Wis., UWCU has reduced its overdraft fee to $5. Ally Bank has announced it is eliminating its overdraft fees, and so have Alliant Credit Union and Westerra Credit Union.

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