Credit union fees can put a real damper on your checking account, especially if you don’t have the funds to cover the fee and get hit by – you guessed it – an overdraft fee as well. Each year, Americans pay more than they should in various credit union fees.
Understanding where these fees come from will not only help you avoid them in the future but may also help you get a refund in the present. Credit union fee refunds are relatively common. Learn what you can do to increase your chance of receiving a refund after you’re hit with one of these obnoxious fees.
Have you been hit with a credit union fee? You’re not alone. Most credit unions charge a variety of fees to account holders. The most common fees charged by credit unions include:
- ATM fees
- Overdraft fees
- Monthly maintenance fees
- Paper statement fees
Credit unions are non-profit organizations. That means that, unlike commercial banks, these businesses are generally more focused on their account members than they are about making a profit.
This being the case, you may actually have a better chance of getting your fee payment refunded from a credit union that values you as a customer – so long as you don’t make a habit of incurring these fees.
ATM fees are a type of credit union fee accrued when using an ATM outside of your credit union’s network. Generally, an ATM will notify you when you will be hit with a fee when making a withdrawal, but this is not always the case.
Overdraft fees are a notorious type of credit union fee that occurs when a payment comes through your checking or savings account that you do not have enough funds to cover. The credit union lends you the funds so that you can successfully make the payment, but not without charging a fee.
Monthly maintenance fees are a type of charge that you receive for banking with a credit union. However, your credit union may waive this fee if you maintain a specified minimum balance or receive a large enough deposit each month.
Paper statement fees are a less common type of credit union fee, but occur when a credit union charges to mail you paper statements.