ELGA Credit Union (ELGA CU) is proud to announce that it has reduced its non-sufficient funds (NSF) and courtesy pay service charges from $25 to $15 for all members. This change will deliver $4 million in annual savings to the credit union’s members.
“Our purpose is people helping people, and we continuously look to improve the service our members receive,” said David Brandt, ELGA Chief Financial Officer. “This change reduces the cost of a service a large number of our members use by 40 percent.”
This change enhances ELGA CU members’ access to affordable money management tools, which include,
- Free balance notifications through mobile banking alerts, texts, or email.
- Overdraft transfer from linked savings accounts.
- Affordable small dollar loans
- Free online budgeting and money management video tutorials
The reduction went into effect on January 3rd, and ELGA CU members are already seeing the benefit. The lower price saved members $348,980 in the month of January.