American Airlines FCU Slashes Overdraft Fees To A Penny
FORT WORTH, Texas – American Airlines FCU said it is cutting its overdraft fees in certain instances all the way to one cent, as part of its new Bounce ProtectionPlus.
Instead of charging the standard $25 fee each time a member has an overdraft, the $5 billion credit union will charge just one cent per overdraft, provided the member either corrects the overdraft before 10 p.m. central standard time that same day, or has a small overdraft that did not take the end-of-day account balance into the negative by more than $10.
"We believe this new member-friendly approach to overdrafts will allow members to skip the embarrassment of being declined and also feel reassured that they have funds available at any time," said Nancy Crouch, the credit union’s director of card services.
"We know that our members occasionally have an emergency or make a small error when balancing their checking account," Crouch added. "And we believe that a small mistake shouldn't result in a big penalty, which is why we believe that Bounce ProtectionPlus takes overdraft protection to the next level."
Any checking account that remains negative by more than $10 after 10 p.m. CDT will still be charged a fee of $25 per overdraft. But with options like AA Credit Union's new CUAcce$$ Deposit service and CUAcce$$ Mobile, members can quickly view their balance and conveniently deposit checks using a scanner in their home or office, or make a transfer, easily avoiding an unnecessary fee.
These changes apply to all debit card and ATM transactions on checking accounts that have opted-in to AA Credit Union's Bounce ProtectionPlus overdraft coverage service.