Affinity Credit Union Reducing & Eliminating Overdraft Fees

Des Moines, IA --- Affinity Credit Union is excited to announce they are reducing their ATM and debit card purchase overdraft fees to $15, as well as completely eliminating overdraft fees for debit card transactions of $5.00 or less. In comparison, the average overdraft fee in the U.S. is $33.58, according to a recent Bankrate.com study.

“Our members should not have to worry about paying an overdraft fee just to buy milk or bread for their children.” commented Jim Dean, Affinity Credit Union CEO. “Proactively eliminating fees is not what most financial institutions would do, but we are not most financial institutions.”

Affinity will become one of the only financial institutions in Iowa to reduce and eliminate fees associated with overdrawn accounts. The new fee structure will go into effect on November 1.

Excessive fees can lead to prolonged negative account balances, with each fee making it harder and harder to escape the cycle of debt. These fee adjustments reflect Affinity’s desire to help those who may be struggling to break that cycle.

“We’ve all struggled with finances at some point,” said Dean. “When money is tight, we want our members to be able to put gas in their car and buy groceries without having to worry about excessive fees. At its core, this is a decision that was made in the best interest of our members and community, not our bottom line.”

“Ultimately our goal is to live our mission statement of Building Better Lives. People who work hard don’t always have a lot to show for it, and we think they should. We want to help our members do more with the money they earn, so they can build the life they want. We feel that these fee adjustments help accomplish that."

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