Affinity Plus Federal Credit Union Reduces Some Fees and Eliminates Others


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

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

A press release from Affinity Plus states that based on 2021 data, the Buffer Zone will reduce the number of fee-paying members by 50%. Together, the changes are expected to reduce fees paid by all members by 63% annually, 67% for racial minority groups, and put nearly $5 million “into its members’ pockets over the next three months.” years”.

“It’s the right thing to do for all of our members, but especially for those facing financial challenges or income volatility,” said Dave Larson, President and CEO. “At a time when there is a lot of economic uncertainty, we are 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 in financial difficulty and we regularly waive or refund fees to members in need – including proactively refunding more than 45,000 fees in the first year of the pandemic. So we have already moved in that direction.

Affinity Plus also gives members access to prepayment, allowing them to receive money from their paychecks up to two days before payday.

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