Early direct deposit, fee reductions announced
Corvallis, OR – Oregon State Credit Union recently put their commitment to member focus and passion into action in a tangible way. In February, they implemented Early Direct Deposit, and in June, they reduced overdraft and non-sufficient funds fees and eliminated overdraft transfer fees.
Early Direct Deposit enables incoming Electronic Funds Transfer (EFT) deposits to be posted as soon as the credit union receives the direct deposit from the payor. Our members receive their funds early and confusion regarding the timing of pending deposit postings has been reduced, explained Executive Vice President/Chief Communications and Experience Officer Laurie Roe. “Early Direct Deposit has generated a lot of excitement since we first rolled it out February 23. Members are very happy to get their direct deposit paychecks and other EFT payments faster.”
Roe said the project to implement Early Direct Deposit was a collaboration among multiple departments. “We spent months planning and completing tasks to prepare for an intense one-week final push we called Sprint Week.” During Sprint Week, key personnel co-located to a project room where they could focus on final testing and validation. “Because of the passion shown by our team members, Early Direct Deposit rolled out to the membership flawlessly,” Roe added.
In June, the credit union rolled back the fees charged to members who have insufficient funds in their accounts to cover a transaction. They also raised the minimum transaction amount that would trigger a fee, and reduced the maximum number of NSF-Returned-Item fees that are charged in a single day. At the same time, they eliminated the fee charged when funds are transferred from a designated back-up account to cover an overdraft.
“We review our fee structure every year,” said Josh Whisenhunt, Senior Vice President of Financial Services. He said that during the review they considered their strategic initiatives and looked for ways to live out their vision of “Creating financial solutions to make lives better.”
“Our review is informed by our core value of Member Focus,” Whisenhunt said. “This new fee structure benefits individual members while balancing the cost and impact to the entire credit union. We’re very excited to be able to offer this to our members.”
Oregon State Credit Union is a member-owned, not-for-profit credit union. Membership is open to anyone who lives or works in 24 western and central Oregon counties. Additional information about Oregon State Credit Union is available at oregonstatecu.com.
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