SECU: Now Leading "The Charge" On NSF Fees - "Esse Quam"?

  Bragged in a post on 2/14/2024 [link] about SECU's "Second Chance" NSF Program...

Introduced over a decade ago, the Second Chance program - paired with a low NSF fee of $12 (banks charged @ $30) - helped greatly reduce or eliminate the cost of a bounced check for SECU members. But that was then, what about now? 

✅ In 2022, Bank of America eliminated its NSF fee to help their consumer customers:           

"January 11, 2022  - Bank of America today announced significant changes to its overdraft services, including plans to eliminate non-sufficient funds (NSF) fees beginning in February 2022..." "... and leads the industry in helping clients avoid overdrafts; and, in doing so, has significantly reduced the vast majority of fees related to overdraft. “Throughout the process we have engaged our National Community Advisory Council (NCAC) for their guidance and feedback on our changes."

[😎 Why not ask the SECU Advisory Boards to "raise their hands" about helping members by eliminating this fee?] 

✅ SECU no longer leads the Country in looking for ways to help members avoid costly NSF fees.  The Credit Union charged SECU members $25+ million in NSF fees during 2023. That's a lot of paychecks for teachers, state employees, and their families! And of course, having just finished its "most profitable year on record in 2023", SECU didn't "need the money" more than those members.

✅ Here's what the federal regulator - the Consumer Financial Protection Bureau - had to say:

• Among banks with over $10 billion in assets, 97% of NSF fee revenue has been eliminated.
• CFPB estimates that, as a result of the elimination of NSF fees at these banks, consumers are saving almost $2 billion annually on a going forward basis.

✅ SECU is a $50 billion financial institution. Only 2 out of the 37 U.S. banks over $50 billion now charge an NSF fee. According to CFPB:

			Table 1: NSF fee practice of banks with over $50 billion in assets, grouped by asset size Assets Total number of banks Number of banks no longer charging NSF fees Number of banks continuing to charge NSF fees Over $200B          14        14            0 $100B-$200B            8           8            0 $75B-$100B            5          5            0 $50B-$75B          10          8            2
			... thought "the We Board" wanted SECU to be "industry standard"?