RALEIGH — State Employees CU here is touting having saved members more than $200,000 in NSF fees as a result of its "Another Chance" program during a recent winter storm.
Another Chance works by alerting members that a deposit is needed by 5:30 p.m. that day to prevent one or more items from being returned due to insufficient funds in their checking account. During a three-day winter storm last month, SECU paid more than 5,900 Another Chance items totaling nearly $916,000, and waiving more than $71,000 in NSF fees, along with sparing members a total of $148,000 in returned check charges.
The $27 billion credit union said in a statement that its actions were part of its "Do the Right Thing" mentality, keeping members off the roads during dangerous weather conditions.
"As an organization that believes in doing the right thing for its members, SECU is confident that the decision to pay the items and relieve the financial burden of associated fees and charges was the right choice," said Jennifer Hamrick, SVP of support services at SECU. "The success and continued growth of Another Chance is an indication of the significant value the alert program offers to members."
