Nutmeg State first credit union to end NSF fees

Posted Oct 03, 2022

Since the launch of our mission to build multigenerational prosperity, Nutmeg State’s Board of Directors, leaders, and I have discussed the importance of removing financial obstacles for our members. One theme continued to surface – building prosperity for all is only possible when everyone has equitable access to resources.

Nutmeg State is proud to be the first credit union in Connecticut to end NSF (non-sufficient fund) and overdraft protection fees.

Why is Nutmeg State making such a significant change? We believe great things can be achieved through a series of small things brought together. Building multigenerational prosperity starts by helping our members better manage their cash flow and course correct as needed without negative ramifications.

We’ve all been there; Getting charged when a transaction was returned unfulfilled or that overdraft charge on an account in between paychecks. The fee for non-sufficient funds – on top of a returned item transaction – puts people in even more financial distress than they were before.

Nutmeg State eliminated these fees knowing that, by removing financial obstacles to prosperity, it will benefit our most vulnerable members while we support their overall financial well-being.

We want to do right by all of our members with the removal of NSF and overdraft protection fees. Our efforts don’t stop there. We also provide easy, proactive, no-fee resources to manage their accounts like automatic account transfers, and balance alerts. Understanding and managing cash flow more effectively, creating penalty-free options to course correct; a great starting point toward multigenerational prosperity.

We are committed to this change for the betterment of our members. Our commitment to the mission to build prosperity through education, collaboration, and the support of our local commerce will effectively create meaningful change. 

 

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