CoVantage Credit Union eliminates overdraft fees

CoVantage Credit Union will no longer charge overdrafts fees of any kind.

CoVantage Credit Union announce Nov. 1 that it has eliminated all overdraft fees, non-sufficient fund fees, courtesy pay fees and automatic savings transfer fees on their members’ checking accounts. Previously, members whose checking account balance became negative would be charged between $2 and $25 per occurrence depending on the type of transaction that caused the account to be overdrawn.

As of Nov. 1, all members with a CoVantage checking account will receive the additional benefit of having entirely fee-free checking with no worrisome overdraft fees, and there is no need to apply or request this enhancement.

“We believe removing overdraft and NSF fees will reduce stress and anxiety for members when they carry low balances on their checking account,” said Brett Lee, executive vice president. “It will allow them to keep more of their hard-earned money instead of being penalized every time an unfortunate overdraft occurs.”

Additionally, CoVantage provides members with tools to monitor their accounts, including email alerts when funds are low or certain checks clear the account.

“Because of CoVantage’s financial fortitude and more members placing their trust in us for their loan and deposit accounts, we are able to pass more value back to our member-owners by no longer charging overdraft fees,” Lee said. “As a mission-driven credit union, CoVantage has always taken great pride in having lower fees than the industry averages, and this change will truly make our checking accounts completely free of fees. We are excited to be one of a very small group of financial institutions across the country to eliminate overdraft fees.”

Founded in 1953, the financial cooperative serves members living or working in 30 counties in Wisconsin and three counties in the Upper Peninsula of Michigan.