To “support more equitable banking and increase giveback dollars” for members, the Wausau, Wis.-based Connexus Credit Union said it slashed its overdraft and non-sufficient funds (NSF) fees this week by 86%.
In a statement, Connexus said it reduced overdraft and NSF fees from $29.95 to $4 per occurrence and will cap the fees to two per day. The credit union said this decision “is consistent with Connexus’ commitment to investing in their members and prioritizing their financial goals. The reduction makes Connexus’ fee structure one of the most competitive in the nation and was designed to keep more dollars in the pockets of member-owners.”
“Our biggest priority is doing what’s in the best interest of our members,” SVP of Member Experience Claire Meney said. She continued, “And this is an impactful and tangible way to do so. We strive to provide exceptional experiences and foster prosperity for those we serve, and reducing or eliminating fees will enable members to keep and manage more of their own money, especially when they need it most.”
Connexus’ announcement followed a half-dozen other credit unions that have made similar reductions or full elimination of fees in the past few months.
“The most recent reductions are the latest in our long history of member-centric initiatives, including already eliminating or reducing most fees and consistently offering nationally top-tier deposit and loan rates,” Meney said.
The credit union said its fee schedule modifications have saved Connexus member-owners over $500,000 since 2018.
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