Fees You May Be Paying At Your Credit Union

Hidden Fees You May Not Know About

When it comes to you and your money, specifically your credit union, you want to make sure that you know exactly what is happening with it. At SmartStep Solutions, we want to keep you informed about what could be specifically happening with your money when it comes to hidden fees. Unfortunately, there are times that these fees could pop up, but if you know what they are, you can prevent them from happening! Learn more about some common hidden fees and protect your money with SmartStep Solutions.

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Dormant Fee

A dormant fee is a penalty that is charged to an account, typically a credit card, for the user not being active on it for a certain period of time. If your account is considered to be inactive or dormant in a credit union, know that the account does not close. Your shares will remain in the credit union and will continue to earn dividends on an annual basis. Before you begin, make sure that you check the fine print or ask if there is any type of dormancy fee that could be earned.

Monthly Fee

Monthly fees, just like they sound, are recurring every month. Sometimes, credit cards have monthly fees that they will charge you no matter if you use the account or not. It can exclude taxes, usage charges, surcharges, and other aspects. Before you sign up for an account make sure that you either ask or see that there are no monthly fees. Many times, these charges can be considered to be maintenance fees or fees in order to cover costs that are associated with maintaining the account. A monthly fee could mean that you have no charge for ATM use outside the system, getting cashback, spending and others. So, depending on what you want, a small monthly fee may not be an issue. 

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An NSF fee is a non-sufficient funds fee. This fee refers to the status of a checking account that does not have enough money in it to cover transactions. So, if you’re out and happen to purchase something that costs more money than you have, but the balance is lower, the bank returns the “bounced” amount to the account holder which then will present you with a fee. The best way to avoid these fees is to make sure you’re aware of how much money you have present. This can be simple, many banks have apps where you can check the status of your account in real time! 

Excess Transaction Fee

Similar to an NSF fee, an excess transaction fee happens when the savings account holder withdraws over the limit of that card. Depending on which card or account you have, you’re allotted a specific amount of money that you can withdraw. So, if you go over that amount, typically six in a single month, you will be charged. Once again, be mindful of what you are doing with the account and make sure you have sufficient funds at all times. 

We understand how important your money is and want to help educate people on hidden fees. SmartStep Solutions, set out on a mission to build a more beneficial courtesy pay program. We saw the opportunity to provide both credit unions and their members with a better program: one that helps both achieve and maintain financial well-being. Our company operates with the highest level of ethical standards, so you can be sure that every member, transaction and process is 100% compliant, 100% of the time. Learn more and get started today!