Veridian Credit Union Reduces Overdraft Fees, Will Refund Future Fees for Returned Items

July 5, 2022

WATERLOO, Iowa (July 5, 2022) – Veridian Credit Union is reducing overdraft fees and refunding future fees for returned items in a recent change to overdraft policies. Effective July 5, the credit union’s fee per overdraft dropped from $32 to $20, and the credit union’s fees for returned items moving forward will now be fully and automatically refunded.

“These changes help our members keep more of their own money when they need it most and give them more peace of mind in managing their finances,” said Veridian president and CEO Renee Christoffer. “It’s one more thing we can do to make a positive difference on their financial future.” 

Veridian’s overdraft policy offers a menu of options that allow members to avoid unwanted overdraft fees and choose how their accounts will respond when transactions are attempted without sufficient funds in their checking account. Veridian members can choose to cover an overdrawn account with funds from another account or an interest-bearing line of credit – both for no fee. They can also choose for such transactions to be returned or allow their account to be overdrawn. Members who enroll in Veridian’s Courtesy Pay service and allow items to be paid when funds aren’t available will now pay a $20 fee for paid overdrafts, rather than the previous $32 fee. If the transaction is returned, the $20 fee will now be automatically refunded.

The reduced fees come one month after Veridian announced its new Early Direct Deposit service, making members’ electronic payroll available up to two days before payday.

Veridian Credit Union, founded in 1934 in Waterloo, Iowa, is a not-for-profit financial cooperative owned by its members. The credit union offers a full range of business and consumer financial services with more than 930 employees and 30 branches across Iowa and eastern Nebraska. For more information, visit veridiancu.org or call (800) 235-3228.