ANECA Federal Credit Union, a cooperative financial institution chartered for Caddo, Bossier, and Desoto Parishes is announcing the elimination of its Overdraft and Non-Sufficient Funds (NSF) fees. The change was approved at a recent ANECA Board Meeting. The fees will be eliminated from all consumer accounts September 15.
“These are challenging times, and these fees place even more stress on members who may be struggling financially,” stated David Wodke, ANECA CEO. “This is an opportunity to put our membership first, and we are proud to have a positive impact on our community.“
These types of fees are a huge revenue generator for banks and other financial institutions. According to Forbes, overdraft fees in the U.S. generated over $12.4 billion dollars in fee income in 2020.
ANECA already offers early access to direct deposit payments, and the ANECA team sees the elimination of these fees as yet another member-first solution. This is just one example of how ANECA functions differently from banks. They are a member-owned and member-run financial institution, democratically controlled by their membership.
“We have a member-centric business model. We operate for the benefit of our members and if we don’t think it is right for them, we don’t do it,” says Lynn Lyle, ANECA’s Board Chairman.
ANECA will still offer its courtesy pay feature to those who opt-in.