The 1.7 million member State Employees' Credit Union of Raleigh, N.C., has fixed a problem in its overdraft service that the CU says has saved members roughly $24 million in fees.
The program, dubbed "Another Chance," sends SECU members a text message when an item that would otherwise cause an overdraft posts to their account. If the member can get to the credit union's website or come into a branch and move or deposit money to cover the gap, they will not face an overdraft fee.
The $23 billion credit union said it has sent roughly 2.1 million text messages since the program launched in mid-2010 and, since it charges a fee of $12 for an overdraft, has saved its members millions of dollars.
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