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U.S. Senate Federal Credit Union to Eliminate NSF/Overdraft Fees in Landmark Decision

Published: February 16, 2023

U.S. Senate Federal Credit Union to Eliminate NSF/Overdraft Fees in Landmark Decision

Washington, DC – Headlines have been swirling for months now around the topic of financial institutions and the fees they charge. As of late, non-sufficient funds or NFS fees and overdraft fees have been thrust into the spotlight with policymakers, customers and members alike calling for their elimination. While some FinTechs and banks have adopted this policy to a certain degree, credit unions have not readily jumped onboard – until now.

In September 2022, the United States Senate Federal Credit Union (USSFCU) leadership and Board of Directors held a year-end strategic planning session where the topic of eliminating certain fees came to the forefront of discussion. NSF and overdraft fees quickly took centerstage and it was unanimously agreed upon that USSFCU members should no longer have to pay these fees. It was a landmark decision for the organization and one of the first of its kind in the credit union industry.

“At USSFCU, we have always been about what is best for our members, and we never want to lose sight of that. At the end of the day, it was an easy decision.” stated USSFCU President & CEO, Timothy L. Anderson. “If one of our members is struggling to keep their head above water financially, we want to be a solution to help and not add to their burden.”

Credit unions maintain a much lower fee income than most big banks and USSFCU is no different. They even have a track record of earning lower fee income than many of their credit union peers. While most financial institutions seem to be responding to pressure or popularity in making this change, USSFCU’s decision looks to be less of a trend and more of a tradition of giving back. In 2021, USSFCU returned $1.7 million in year-end dividends to their members. Additionally, throughout 2022 they invested time and resources into significant upgrades to banking platforms, while rolling out new products and services.

“USSFCU has always been driven by that old credit union motto of ‘people helping people’. That’s not going to change.” Timothy L. Anderson added. “Not only will we eliminate NSF/overdraft fees, we are also providing a “safety net” of sorts for those members who dip into the negative.”

USSFCU has set a target for the second quarter of this year to eliminate NSF/overdraft fees and to launch a new solution to support those who overdraw their accounts. More details will be provided in the coming months.

About USSFCU

Since 1935, USSFCU has provided the Senate and Capitol Hill communities with world-class financial stability, security, and service. Now a $1.4 billion financial institution with 100 plus paths to membership, access to the same financial resources provided exclusively to the Senate community is at your fingertips. Call, click or tap to learn more at www.ussfcu.org.

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Members' Voice Testimonials

This credit union is the best, I love the customer service and you can't beat the interest rates. I'm happy to be a member of this great credit union.

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The branch manager introduced herself and was extremely helpful. She stated that if there is anything we ever need to please let her know. Very positive experience!

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A top rate Credit Union, [I'm] privileged to be part of! Thank you for all you do for our family! USSFCU Credit Union was able to resolve our financial situation - vehicle, personal loans, customer service/recommendations, within 6 months. We belonged to another credit union for over 20 years, with results not even close to comparison. We switched ...

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I have been a member for more than 30 years. I no longer reside in the DC area but continue to bank with USSFCU because of the ease and the customer service.

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I have been a member for over 50 years, and I have always gotten good service with loans, when I had to have service at a branch, and when I needed to have money sent to me from my savings account. The personnel have always been friendly and treated me with respect.

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I especially appreciate being able to quickly speak with someone (not a robot) and that person has always been knowledgeable and helpful.

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Excellent customer service streamlined and transparent process. The representatives are efficient, knowledgeable, and understanding of the type of loans offered by Credit Union.

- Erwin · Ellicott City, MD

The USSFCU behaves as a credit union ought to behave. The staff works with and for the members, not for a corporate board. Interest rates for a car loan, a home improvement loan, and a mortgage are low and terms are transparent.

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Staff are courteous and friendly to work with. Very knowledgeable about services and products offered or available. Excellent follow-up with customers.

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I have appreciated USSFCU services for many years since I left my work on Capitol Hill. I have appreciated the occasional webinars on purchasing a home or retirement planning.

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I have been a member since 2006, and have always appreciated the customer service response to any concern or query. In addition, as I have traveled extensively, USSFCU has provided support and access.

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I've had a credit union account for decades, even though I no longer work on Capitol Hill. I now have two accounts. I've been able to do all of our banking remotely, by app or by phone.

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