Space Coast Credit Union - www.sccu.com - (321) 752-2222

The Carnivorous Checking Account (and Tips to Escape)

Prices for almost everything have gone up, but the pinch you feel in your wallet just may be from the ridiculous checking account fees other financial institutions charge.

Some fees help keep a business - even Space Coast Credit Union - running. But some other fees are just ways for banks to squeeze money from their customers.

The latest addition for many banks is the "courtesy" pay fee. Many banks automatically enroll their customers without their knowledge and then cover transactions when no money is available in the account. This includes authorizing PIN & ATM transactions when an account is already negative. The bank then charges the customer a large fee for "courteously" allowing these PIN & ATM transactions to post, essentially giving customers a short term, very high interest loan.

Keep your checking account from devouring the money you've worked hard to earn:

  1. Call your financial institution or visit their website for a copy of the current fee schedule. This listing of all of the fees that are charged must be made available by law to customers. Request to opt-out of any program that you do not want.
  2. Set up an Overdraft Transfer to cover instances when your account falls in the negative. This way, money is moved from another of your accounts to cover the transaction, usually for a much smaller fee than "courtesy" pay. Warning: Some banks charge a monthly fee for this service, whether you overdraft or not. (SCCU only charges you when an overdraft transfer is required.)
  3. Transfer your checking account to SCCU, where we work to keep fees as low as possible. SCCU's list of non-fee services continues to grow. As of March 1, 2008, the fee for money orders will be reduced and we will eliminate all fees for fax service, telephone withdrawal, coin machines, statement copies, notary service, teller checks, and more! While the thought of moving your account may seem like a hassle, all it takes is a phone call to Express Services. We'll even take care of changing your direct deposit for you...for free! Don't Just Take Our Word for it! Member's Review SCCU Products to Tell You What They Really Think with Our SCCU Member's Watchdog Rating System .

For more detailed explanations of Courtesy Pay Fees, Overdraft Transfer, Non-Sufficient Funds, and more, visit the account fee page.

Copyright © 2009 Space Coast Credit Union.

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