A May 2015 study by the Pew Charitable Trusts revealed that the majority of big banks charge a lot more in fees than your local credit union. In addition, the Credit Union staff performed their own survey of credit unions in the state of New Jersey with assets up to $50 Million dollars. The result was the same: your Credit Union has lower cost fees than most other financial institutions.
Low Overdraft Fees.
According to the Pew Study, most large banks charge between $35 and $38 per overdraft. In the survey performed of New Jersey credit unions, of the 34 who listed this fee, twenty-one credit unions charged either $25 or $30 and eight other credit unions charged even higher fees. Your credit union fee is $20. Only one credit union charged less.
Low Overdraft Transfer Fees.
According to the Pew Study, the median fee among the 40 banks offering overdraft transfer service is $10.00. Of credit unions surveyed by the FENFCU staff, 11 of 15 credit unions that advertised this type fee charged more than your credit union - your credit union fee is $5.00.
No Extended Overdraft Fees.
According to the Pew Study, many banks charge an additional fee if a customer does not repay the amount of an overdraft within a certain time period. Twenty six of the banks surveyed by the Pew Trust charge such an extended overdraft fee. The median amount of this fee is $15.00 after 5 days of being overdrawn. According to the report, "[b]anks that do not charge these fees make it easier for customers to regain a positive balance and help to ensure that a customer will not get caught in a cycle of debt." Like most other credit unions, your Credit Union does not charge an extended overdraft fee.
No Monthly Checking Account Fees.
Your Credit Union does not have a myriad of checking accounts requiring minimum balances, some banks and other credit unions charge monthly fees for low checking account balances. We have one checking account service - and your credit union has no monthly fee. We have free debit cards and free online banking.
Low Stop Payment Fees.
This fee was not part of the Pew Study of big banks, but it seems safe to venture a guess that the credit union charges less than the "big banks." Our own New Jersey credit union survey found that - of the 34 local credit unions surveyed that advertised this fee - the majority (20) charged from $15.00 to $25.00. Some credit unions charged as high as $40.00 for a stop payment request. Your credit union charge is $10.00, and only one credit union charged less.