Clackamas Federal Credit Union
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News Release
Clackamas Federal Credit Union Invests in Members - 04/05/21

Clackamas Federal Credit Union Invests in Members

Non-sufficient funds and overdraft fees now 64% lower than national average

Milwaukie, Ore. (April 5, 2021) – Last year, in response to the COVID-19 pandemic, Clackamas Federal Credit Union (Clackamas) made rapid, temporary changes to many of its fees, saving struggling members an estimated $900,000 in 2020. Clackamas announces today that many of these reductions have been adopted as a feature of its fee schedule.

Bucking trends and ignoring local competitor financial institutions, Clackamas’ non-sufficient funds (NSF), overdraft, returned item, and stop payment fees are now set at only $12 – more than 64% less than the national average of $33.47, according to a 2020 Bankrate study[1]. Bankrate reports that these types of fees are the highest they have been in the 23 years that the study has been conducted.

Virtually all banks and credit unions have to charge fees to help pay for ATMs, digital banking and other services that members enjoy, but NSF and overdraft fees often disproportionately impact those members who are struggling the most to make ends meet. These members are at the forefront of the decision to dramatically reduce fees.

“Clackamas Federal Credit Union has a proud history of improving lives. Working for our members is what we do, and this most recent step will help even more people, who are working hard to get ahead,” said Aaron Goff, Clackamas Federal Credit Union President and CEO. “We know these changes will make a huge difference for members during tough financial times, both now and in the future.”

Callahan & Associates reports that the average fees paid by a Clackamas member for one year are 45% less than the average fees paid per member for one year at other credit unions nationwide[2]. Clackamas estimates that these new fee reductions will save members over $220,000 in 2021.

 

 

 

About Clackamas Federal Credit Union

Clackamas is a not-for-profit financial cooperative that has worked for over 60 years to improve people’s lives. Clackamas is a different type of financial institution that's member-owned without corporate shareholders. Being a not-for-profit dedicated to helping hard working people achieve their financial goals means better rates, lower fees, and more money for members, not someone else. To learn more, please visit www.clackamasfcu.org.

We’ve got your back.

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[1] Survey: Interest checking account fees hit record high… October 21, 2020. Bankrate. https://www.bankrate.co36m/banking/checking/checking-account-survey

[2]  Fee income per member. December 31, 2020. Callahan Peer to Peer. Clackamas FCU $36 per member per year, All Credit Unions in U.S. $66 per member per year.

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