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Connexus Announces an 86% Reduction in Fees

2022-01-05T07:33:37-06:00Connexus News|

We recently announced a significant reduction in overdraft and non-sufficient funds (NSF) fees as part of our ongoing effort to support more equitable banking and increase give-back dollars to our member-owners.

We are proud to remain on the leading edge of the credit union industry’s shift to minimize fee burdens faced by members. The decision to reduce overdraft and NSF fees from $29.95 to $4.00 and cap them at a maximum of two per day is consistent with our commitment to investing in our members and prioritizing their financial goals.

Connexus’ Fee Structure Is One of the Most Competitive in the Nation

The reduction made our fee structure one of the most competitive in the nation and will help keep more dollars in the pockets of our valued member-owners. “Our biggest priority is doing what’s in the best interest of our members,” said Claire Meney, Senior Vice President of Member Experience at Connexus, “and this is an impactful and tangible way to do so. We strive to provide exceptional experiences and foster prosperity for those we serve, and reducing or eliminating fees will enable members to keep and manage more of their own money, especially when they need it most.”

At a time when people are struggling financially and expenses are on the rise, fees continue to be a burden for many. According to Bankrate, overdraft and NSF fees have hit a record high: “For the third year in a row, the cost of overdrawing a checking account increased. In this year’s Bankrate study the average NSF fee was $33.58. That average was 11 cents higher than last year and rose for the 21st time in the past 23 years.”

Meney explained, “The most recent reductions are the latest in our long history of member-centric initiatives, including already eliminating or reducing most fees and consistently offering nationally top-tier deposit and loan rates.” Since 2018, fee schedule modifications have saved Connexus member-owners over $500,000. We’re hopeful that this reduction in fees offers another way for our members to feel supported as they work toward financial prosperity.

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