PASADENA, Calif.–Wescom Credit Union has become the latest CU to say it is no longer charging non-sufficient funds fees.
“At Wescom, we believe in doing what is right for our members - they always come first,” VP-Deposit Operations Ralph Bautista said in a statement. “With this in mind, we have decided to no longer participate in this outdated and unpopular practice of charging a fee for a transaction that did not create an overdraft balance.”
In making its announcement, the $6.4-billion Wescom said it understands that there may be situations where members face an emergency expenditure, such as a deposit that did not occur when expected or a member’s accidental miscalculation of the amount they have available to spend, and that it offers other overdraft options for members, such as setting up another share or loan as an overdraft source at no cost to the member.
Other Options
WCU said it also offers other programs, such as Courtesy Pay, for a fee.
In addition to eliminating NSF fees, Wescom said its members can also take a products that charge no monthly checking account fees or minimum savings account balance fees.