UWCU Eliminates More Fees

Madison, WI – April 2, 2024 – Effective Monday, April 1, UW Credit Union dropped three more fees, continuing its course of making banking more accessible and equitable for all. 

With the upcoming changes, members will no longer be assessed for: 

• Non-sufficient-funds (NSF) for declined checks and Automated Clearing House (ACH) debits on all checking and savings accounts 
• Overdrafts related to recurring debit card transactions on all checking accounts 
• Returned checks for credit card payments  

What is an NSF fee?

An NSF fee may occur when someone attempts to make a payment or withdrawal that exceeds the available balance in their account, resulting in the payment getting declined and returned unpaid. Many banks and credit unions charge a fee to decline such payments – and we have now eliminated that fee for our members.

Recent move continues UWCU trend

Nearly three years ago, UW Credit Union made another big fee change when we reduced our overdraft fees from $30 to $5. Overdraft fees are charged when an account holder doesn’t have enough funds to cover a check or electronic payment, but instead of declining the payment, the credit union covers it and takes the account negative until the balance is restored.

Overall, UW Credit Union charged lower NSF and overdraft fees than 98% of U.S. credit unions, and now we charge even less. Paying unnecessary fees is a financial barrier we are proud to remove.