Fee Structure Changes Improve Financial Health of Members
By the Numbers:
- Puts nearly $5 million back into members’ pockets over the next five years.
- Reduces fees paid by the entire membership by 63%
- Reduces fees paid by racial minority groups by 67%
Affinity Plus recognized the need to change its fees to help those who could benefit the most from the support. Non-sufficient fund fees (NSFs) cost Americans billions each year and disproportionately impact people from underprivileged communities and Generation Z, who are just getting started financially.
We transformed our fee structure in the summer of 2022 to tackle this issue. Through this change, we became the state’s first credit union to eliminate outdated NSFs and dramatically reform charges for courtesy payment services.Under the new model we:
- Eliminated the returned item fee – a $35 savings on each occurrence.
- Reduced the courtesy pay (overdraft) fee for overdrafts by more than half – from $35 to $15.
- Provided members who qualify for courtesy pay with a $100 buffer, so their transaction will be processed without a fee if the negative balance is less than $100.
Affinity Plus works collaboratively to help members experiencing financial hardship. As a not-for-profit credit union, the change in fees is another way we put our members first.
*Overdraft/Courtesy Pay. If, on any day, the available balance in your share or deposit account is not sufficient to pay the full amount of a check, draft, transaction, or other item, plus any applicable fee, that is posted to your account, we may return the item or pay it as a courtesy for a fee. Affinity Plus’ overdraft courtesy pay program is at the sole discretion of the credit union. The credit union may refuse to provide the courtesy on any amounts at any time and from time to time. An overdraft/courtesy pay fee of $15 will be imposed for each time the credit union provides the courtesy, as set forth in our Personal Service Fees Brochure. Members, however, are allowed to go up to $100 negative without incurring a courtesy pay/overdraft fee. Our standard overdraft services under our overdraft courtesy pay program allows us to authorize payment for the following types of transactions or items: (1) share drafts (or checks) and other items made using your checking account; (2) automatic bill payments; and (3) ACH transactions. We do not offer standard overdraft services (or courtesy pay) for ATM or one-time debit card transactions. Members have 45 days to repay any negative balance in your share or deposit account.