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Affinity Becomes Iowa’s First CU to Reduce, Eliminate Fees

The decision comes as credit union officials attempt to help members break the cycle of debt.

A hand pulling money out of an ATM. Source: Shutterstock.

Add Iowa to the list of credit unions in Illinois, New Mexico, Florida, Wisconsin and Oklahoma that have either reduced or eliminated overdraft and non-sufficient funds (NSF) fees this year.

On Thursday, Affinity Credit Union ($139.7 million in assets, 13,387 members) in Des Moines, Iowa said beginning Nov. 1, the credit union will reduce its ATM and debit card purchase overdraft fees from $25 to $15 and eliminate overdraft fees for debit card transactions of $5 of less. According to the credit union, the reduction and elimination of the fees could result in a projected annual revenue loss of $200,000.

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Michael Ogden

Michael Ogden

Editor-in-Chief for CU Times.

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