Last year, in response to the COVID-19 pandemic, we made rapid, temporary changes to many of our fees, saving struggling members an estimated $900,000 in 2020. We are happy to announce today that we are keeping many of these fee reductions in place moving forward.
Bucking trends and ignoring local competitor financial institutions, Clackamas’ non-sufficient funds (NSF), overdraft, returned item, and stop payment fees are now set at only $12 – more than 64% less than the national average of $33.47, according to a 2020 Bankrate study.1 Bankrate reports that these types of fees are the highest they have been in the 23 years that the study has been conducted.
Virtually all banks and credit unions have to charge fees to help pay for ATMs, digital banking, and other services that members enjoy, but NSF and overdraft fees often disproportionately impact those members who are struggling the most to make ends meet. These members are at the forefront of our decision to dramatically reduce fees.
“Clackamas has a proud history of improving lives. Working for our members is what we do, and this most recent step will help even more people, who are working hard to get ahead,” said Aaron Goff, Clackamas Federal Credit Union President and CEO. “We know these changes will make a huge difference for members during tough financial times, both now and in the future.”
Callahan & Associates reports that the average fees paid by a Clackamas member for one year are 45% less than the average fees paid per member for one year at other credit unions nationwide2. Clackamas estimates that these new fee reductions will save members over $220,000 in 2021.
1) Survey: Interest checking account fees hit record high… October 21, 2020. Bankrate. https://www.bankrate.com/banking/checking/checking-account-survey
2) Fee income per member. December 31, 2020. Callahan Peer to Peer. Clackamas FCU $36 per member per year, All Credit Unions in U.S. $66 per member per year.