overdraft fee statement with cash and coins Source: Shutterstock.

UW Credit Union, based in Madison, Wis., said Tuesday that it will immediately cut its overdraft and nonsufficient funds fees by more than 80%.

In a move that has been rarely been seen in the credit union industry, UW Credit Union ($4.5 billion in assets, 296,580 members) announced that it has cut the overdraft (OD) and nonsufficient funds (NSF) fees from $30 per occurrence to $5. The immediate policy shift was due to the credit union’s goal of creating a more equitable banking experience for everyone, while also supporting the financially vulnerable.

Michael Ogden

Editor-in-Chief for CU Times.

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