Wescom Credit Union Announces Elimination of Non-Sufficient Funds (NSF) Fees on Checking Accounts

PASADENA, Calif.--(BUSINESS WIRE)--Effective August 01, 2024, Wescom, one of the largest community credit unions in California, is no longer charging Non-Sufficient Funds (NSF) fees. Commonly charged by most big banks and credit unions, a NSF fee is charged when a check or Automated Clearing House (ACH) is presented for payment but there is an insufficient available balance in the account and the item is returned unpaid.

“At Wescom, we believe in doing what is right for our members - they always come first,” remarked Ralph Bautista, Vice President Deposit Operations at Wescom Credit Union. “With this in mind, we have decided to no longer participate in this outdated and unpopular practice of charging a fee for a transaction that did not create an overdraft balance.”

Wescom understands that there may be situations where members face an emergency expenditure, a deposit that did not occur when expected, or a member’s accidental miscalculation of the amount they have available to spend. Wescom offers other overdraft options for members such as setting up another share or loan as an overdraft source at no cost to the member.¹ Comparatively, some larger institutions charge a fee of $12.00 or more per transfer for those services.² The credit union also offers other programs such as Courtesy Pay, for a fee. Courtesy Pay is not a guaranteed overdraft line, and terms and restrictions apply.

In addition to eliminating NSF fees, Wescom members can also take advantage of:

• NO monthly checking account fees³
• NO minimum savings account balance fees

For 90 years, Wescom has been dedicated to building better lives for Californians and the elimination of the NSF fee reinforces its founding principle of “people helping people.”

To learn more and open an account with Wescom Credit Union, visit wescom.org today.

^1A $3.00 Excessive Withdrawal Fee may be charged to your Savings Account for each withdrawal or transfer in excess of four (4) within a calendar quarter.

^2 Based on information found on financial information websites as of July 31, 2024.

^3The paper statement fee is waived when enrolled in eStatements for Platinum Signature Members, Youth Accounts, Primary Account Members age 60 and older, Fiduciary Accounts, and for the first 90 days for new accounts. A $5.00 fee will be assessed for printing and mailing a paper statement (monthly and quarterly).

Courtesy Pay Program allows the Credit Union to automatically pay member checks, ACH debits, debit card transactions (if opted in), and BillPayer transactions presented for payment against non-sufficient funds. Courtesy Pay is not a guaranteed overdraft line. The Credit Union is under no obligation to pay any items that would cause an overdraft balance but retains the right to do so at our sole discretion. Wescom will charge a fee for each item paid via Courtesy Pay (subject to a daily maximum). The current fee and daily maximum are disclosed in our Schedule of Fees and Charges. However, through Signature Membership, Platinum Signature Members may receive up to two Fee Waivers per year and Signature Members may receive one Fee Waiver per year. After an account has been overdrawn for 14 consecutive days, no further overdrafts will be paid until the account balance has been brought positive. Furthermore, overdrawn accounts may be charged off and the membership restricted. Use of Courtesy Pay is subject to additional terms and restrictions. Please see your Account Agreement for more information about Courtesy Pay Program and other prerequisites for qualification.

Insured by NCUA. Membership eligibility required. All accounts subject to approval.

About Wescom Credit Union

Since 1934, Wescom Credit Union has been dedicated to helping people throughout California build better lives. Headquartered in Pasadena, California, Wescom has 29 branches and offers advanced digital banking tools to provide essential banking solutions to more than 240,000 members. Benefits include free checking with eStatements, lower loan rates, higher savings yields, reduced fees, and a robust network of ATMs. Wescom is proud to be named one of "America’s Best Regional Credit Unions” by Newsweek in 2024. For 90 years, Wescom has been serving its community through such programs as #WescomKindness and The Wescom Foundation – the Credit Union’s employee-run charitable foundation. Wescom is federally insured by NCUA and an Equal Housing Opportunity Lender. For more information, please visit wescom.org.