Harrisburg, PA (February 15, 2022) – PSECU, Pennsylvania's largest credit union, announced today that it is removing Non-Sufficient Funds (NSF) fees for all members, effective March 1, 2022. In addition, the fee for using the credit union's Courtesy Pay service will see a 50% reduction, lowering from $30 to $15 per transaction. These changes complement the credit union's existing commitment to no- or low-fee services, such as its no-fee Overdraft Protection Transfer Service.
"We're constantly working to identify ways to reduce financial pain points and offer the best value possible for our members," said George Rudolph, PSECU President & CEO. "Reworking our fee structure for Non-Sufficient Funds and Courtesy Pay is just one example of that. Continuing to offer our no-fee Overdraft Protection Transfer Service is another."
"The first line of defense our members have to avoid overdraft-related fees is our no-fee Overdraft Protection Transfer Service," said Barb Bowker, PSECU Chief Member Experience Officer. "This has been a no-fee service since its inception and provides all members the ability to link another share or Visa® credit card to their Checking share (excluding specialty account types.) If there are not sufficient available funds in their Checking share when a qualifying transaction is processed, funds are transferred from the linked account at no cost to the member."
This no-fee Overdraft Protection Transfer Service from PSECU saves members money by providing them with the no-fee service from the credit union and by helping them avoid potential returned check or service fees charged by payees.
In instances where members have a Checking share without Overdraft Protection Transfer Service or a designated account does not have sufficient available funds, the credit union offers a discretionary service known as Courtesy Pay. Eligible members are automatically enrolled in this service, which provides a $500 Courtesy Pay limit on eligible transactions. Previously, the credit union charged a $30 fee for this service. Now, however, that fee is being reduced by 50% to $15 per transaction. As always, members will be permitted to opt out of this service; however, remaining enrolled could protect them from potential returned check or service fees charged by payees.
If all other options are exhausted, the check (including bill payer check) or ACH transaction will be returned unpaid. In the past, this would have resulted in a $30 NSF fee. Now, however, no fee will be assessed, furthering the credit union's goal of offering no- or low-fee services to its membership.
To learn more about the three-tiered approach to PSECU's overdraft services, visit go.psecu.com/overdraft.