Carolina Federal Credit Union has been servicing the community for nearly 55 years. Throughout those years, we’ve seen many changes in the financial institution industry. One of the most important we have seen recently is the elimination of unnecessary fees.
Several years ago, Carolina Federal Credit Union quickly eliminated Overdraft Fees allowing members to automatically transfer funds from a linked account when there’s not enough in a checking account to cover withdrawals like debit transactions, checks, or electronic payments. We now call this overdraft protection, and it is at no cost to our members. Going into 2023, we wanted to follow the same path in offering a reliable and principled place to trust with one of the most essential items in your life, your finances.
As your credit union, we want to be sure that we provide our members exceptional service through integrity and trust. As a part of that commitment, on June 1st, 2023, Carolina Federal Credit Union eliminated non-sufficient fund fees (also known as NSF Fees). Not only is it a part of CFCU’s ongoing effort to provide tools and resources to achieve members’ financial goals – it’s one more way we can help improve our member’s financial well-being. We are excited to be among the first of many credit unions to remove some of these unnecessary fees, such as an NSF Fee.
An NSF Fee was used when a financial institution would deny a transaction that would overdraw an account, frequently accompanied by bounced check fees and declining electronic payments. As of June 1st, Carolina Federal Credit Union will no longer access fees for denied transactions that would otherwise overdraw the account. NSF Fees often led to members receiving fees from the credit union and the merchant. This will no longer happen at Carolina Federal Credit Union.
Carolina Federal Credit Union will continue to offer Overdraft Protection and Courtesy Pay. Both of these services allow members’ accounts to process withdrawals for debit transactions, checks, or electronic payments, even if it causes the account to become overdrawn. If you have any questions about these services, please get in touch with us to learn more.
Along with removing NSF Fees, Carolina Federal Credit Union has removed Deposited Return Check Fees, this fee was accessed when a member was to deposit a check at the credit union, and the check would be returned due to there not being enough funds in the of the writer of the check’s account. We know that many of our members were unaware of the writers of the check situation, and moving forward, we will no longer access this fee.
As we look toward 2024, we know there will be more changes, challenges, and progress. As your trusted credit union, we will continue to strive towards excellent service for our members. We are grateful to you and look forward to many more years together.