Coastal Federal Credit Union will be introducing a new overdraft forgiveness program starting this Sunday when the new overdraft regulations go into effect for existing members.
Instead of charging the full $28 overdraft fee when an account is overdrawn, the Raleigh, N.C. credit union will charge one cent per overdraft provided the member corrects the overdraft before 11:00 p.m. that same day or provided that the overdraft does not bring the account balance below $10 at the end of the day.
Marketing Communications Manager Joe Mecca said the idea stemmed from member focus groups the credit union conducted leading up to the regulation changes.
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