Affinity Plus Federal Credit Union Reducing Some Fees, Eliminating Others

(KNSI) — Affinity Plus Federal Credit Union says it is lowering and even eliminating some fees.

The St. Paul-based credit union, which has two branches in St. Cloud, explains that financial institutions will honor a transaction even when an account is overdrawn but then charge the customer a non-sufficient funds fee of $35. Affinity Plus says it is getting rid of that $35 fee and dropping its overdraft fee to $15. They are also imposing a no-fee buffer zone. That means if a qualifying member’s account is overdrawn by less than $100, the transaction will be processed, and no fee will be charged.

A press release from Affinity Plus says according to 2021 data, the buffer zone will reduce the number of members paying fees by 50%. Together the changes are predicted to reduce fees paid by the entire membership by 63% annually, 67% for racial minority groups, and put close to $5 million “back in the pockets of its members over the next three years.”

“It’s the right thing to do for all of our members, but especially those who face financial challenges or income volatility,” said Dave Larson, president, and CEO. “At a time when there’s a lot of economic uncertainty, we’re here to help our members keep more of their money and make finances less stressful,” he added.

Larson said the credit union works collaboratively “to help members experiencing financial hardship and we regularly cancel or reimburse fees for members in need – including proactively refunding more than 45,000 fees during the first year of the pandemic. So we’ve already been moving in this direction.”

Affinity Plus also gives members access to early pay, allowing them to get the money from their paychecks up to two days before payday.

Learn more by clicking here.

___