Analysis Finds Higher Reliance on Overdraft Fees Among 21 Credit Unions Targeted by Sen. Warren

NCUA released overdraft and NSF fee data only for credit unions with at least $1 billion in assets and only in 2024. NCUA Chair Kyle Hauptman stopped the practice before the release of this year’s first-quarter Call Reports.

All 451 credit unions with more than $1 billion in assets collected $3.86 billion in 2024, or 19% of non-interest income. The average fee was $36 per member.

However, the Sen. Warren's 21 credit unions collecting overdraft or NSF fees collected $1.40 billion, or 25% of non-interest income. The average fee was $46 per member.

There were 421 other credit unions with more than $1 billion in assets that charged at least some overdraft and NSF fees in 2024. Their total was $2.46 billion, or 17% of non-interest income. The average fee was $34 per member.

Nine credit unions with more than $1 billion in assets collected no overdraft or NSF fees in 2024.

Warren’s group targeted 15 of the 21 largest collectors of overdraft and NSF fees in 2024.

The 15 had assets ranging from $5.4 billion at CommunityAmerica Credit Union of Lenexa, Kan., to $194 billion at Navy Federal Credit Union of Vienna, Va. — the nation’s largest credit union.

That group of 15 collected $1.32 billion in overdraft and NSF fees in 2024, or 25% of non-interest income. The average fee was $48 per member. They were:

• Navy Federal Credit Union of Vienna, Va. ($194.2 billion in assets, 15 million members), which collected $724.7 million, or 27% of non-interest income. The average fee was $51 per member.
• Randolph-Brooks Federal Credit Union of San Antonio ($18.9 billion in assets, 1.2 million members), which collected $90.5 million, or 36% of non-interest income. The average fee was $77 per member.
• Mountain America Federal Credit Union of Salt Lake City ($21.7 billion in assets, 1.4 million members), which collected $87.7 million, or 25% of non-interest income. The average fee was $66 per member.
• Idaho Central Credit Union of Chubbuck, Idaho ($13.9 billion in assets, 750,520 members), which collected $43.5 million, or 29% of non-interest income. The average fee was $65 per member.
• Suncoast Credit Union of Tampa, Fla. ($19.1 billion in assets, 1.3 million members), which collected $43.3 million, or 25% of non-interest income. The average fee was $34 per member.
• America First Federal Credit Union of Riverdale, Utah ($23.3 billion in assets, 1.5 million members), which collected $42 million, or 16% of non-interest income. The average fee was $28 per member.
• Police & Fire Federal Credit Union of Philadelphia ($9.8 billion in assets, 439,277 members), which collected $40.3 million, or 41% of non-interest income. The average fee was $89 per member.
• Security Service Federal Credit Union of San Antonio ($14.1 billion in assets, 750,086 members), which collected $34.9 million, or 22% of non-interest income. The average fee was $47 per member.
• MidFlorida Credit Union of Lakeland, between Tampa and Orlando ($8.8 billion in assets, 487,218 members), which collected $34.5 million, or 27% of non-interest income. The average fee was $72 per member.
• Desert Financial Credit Union of Phoenix ($9.2 billion in assets, 497,868 members), which collected $33.7 million, or 21% of non-interest income. The average fee was $71 per member.
• Members 1st Federal Credit Union of the Harrisburg, Pa. area ($8.3 billion in assets, 624,987 members), which collected $33.1 million, or 28% of non-interest income. The average fee was $55 per member.
• VyStar Credit Union of Jacksonville, Fla. ($13.9 billion in assets, 1 million members), which collected $31.2 million, or 18% of non-interest income. The average fee was $31 per member.
• Broadview Federal Credit Union of Albany, N.Y. ($9 billion in assets, 510,624 members), which collected $30.1 million, or 27% of non-interest income. The average fee was $60 per member.
• CommunityAmerica Credit Union of Lenexa, Kan. ($5.4 billion in assets, 380,564 members), which collected $24.5 million, or 17% of non-interest income. The average fee was $72 per member.
• State Employees' Credit Union of Raleigh, N.C. ($56.8 billion in assets, 3 million members), which collected $24 million, or 6% of non-interest income. The average fee was $8 per member.

The six other credit unions sent letters seemed be chosen based on other criteria. They had assets ranging from $1.5 billion at Frontwave Credit Union of Oceanside, Calif., between Los Angeles and San Diego, to $21 billion at Golden 1 Credit Union of Sacramento, Calif. The six collected $83.8 million in overdraft and NSF fees in 2024, or 21% of non-interest income. The average fee was $31 per member. They were:

• Municipal Credit Union of New York ($4.7 billion in assets, 636,774 members), which collected $20.9 million, or 26% of non-interest income. The average fee was $34 per member.
• Eastman Credit Union of Kingsport, Tenn. ($9.7 billion in assets, 356,492 members), which collected $19.4 million, or 25% of non-interest income. The average fee was $56 per member.
• Everwise Credit Union of South Bend, Ind. ($5.5 billion in assets, 298,696 members), which collected $14.2 million, or 23% of non-interest income. The average fee was $48 per member.
• Golden 1 Credit Union of Sacramento, Calif. ($21.1 billion in assets, 1.2 million members), which collected $11.5 million, or 11% of non-interest income. The average fee was $10 per member.
• California Credit Union of Los Angeles ($5.2 billion in assets, 201,474 members), which collected $9.8 million, or 25% of non-interest income. The average fee was $49 per member.
• Frontwave Credit Union of Oceanside, Calif., between Los Angeles and San Diego ($1.5 billion in assets, 130,089 members), which collected $8.1 million, or 25% of non-interest income. The average fee was $65 per member.