By Patrick Lynn
CoVantage Credit Union will no longer charge overdrafts fees of any kind beginning November 1st.
CoVantage Credit Union has eliminated all overdraft fees, non-sufficient fund fees, courtesy pay fees, and automatic savings transfer fees on their members’ checking accounts, according to a news release from the company on Monday.
Previously, members whose checking account balance became negative would be charged between $2 and $25 per occurrence depending on the type of transaction that caused the account to be overdrawn. As of Nov. 1, all members with a CoVantage checking account will receive “the additional benefit of having entirely fee-free checking with no worrisome overdraft fees, and there is no need to apply or request this enhancement.”
“We believe removing overdraft and NSF fees will reduce stress and anxiety for members when they carry low balances on their checking account,” said Brett Lee, executive vice president. “It will allow them to keep more of their hard-earned money instead of being penalized every time an unfortunate overdraft occurs.”
CoVantage Credit Union is a “purpose-driven organization,” the release said, with a mission to welcome all regardless of wealth, providing outstanding value and exceptional service, and work with members experiencing financial challenges.
Headquartered in Antigo, Wis., the credit union has $2.6 billion in assets and serves over 135,000 members across all of its locations. Founded in 1953, the financial cooperative serves members living or working in 30 counties in Wisconsin and three counties in the U.P. of Michigan.