ANECA Federal Credit Union Eliminates Overdraft & Non-Sufficient Funds (NSF) Fees

PRESS RELEASE

ANECA Federal Credit Union, a cooperative financial institution chartered for Caddo, Bossier, and Desoto Parishes is announcing the elimination of its Overdraft and Non-Sufficient Funds (NSF) fees approved at the recent ANECA Board Meeting. The fees will be eliminated from all consumer accounts on September 15.

ANECA CEO, David Wodke, had this to say:

“These are challenging times, and these fees place even more stress on members who may be struggling financially. ?This is an opportunity to put our members first, and we are proud to have a positive impact on our community. “

These types of fees are a huge revenue generator for banks and other financial institutions. In the United States overdraft fees generated over $12.4 billion dollars in fee income in 2020.*

ANECA already offers early access to direct deposit payments, and the ANECA team sees the elimination of these fees as yet another member-first solution.

This is just one example of how ANECA functions differently from banks. We are a member-owned and member-run financial institution, democratically controlled by our membership. Decisions are made to benefit the Credit Union’s membership, not unseen stockholders of a for-profit institution.

“We have a Member-Centric business model. We operate for the benefit of our Members and if we don’t think it is right for them, we don’t do it,”

says Lynn Lyle, ANECA’s Board Chairman.

ANECA has been putting its Members first since 1939 and that is the only way they want to do business. They credit this "Member-Centric" business model for why so many people are moving from traditional banking institutions and moving to ANECA. To learn more about all the benefits of being an ANECA Member, visit us online at ANECA.org/Join.

To find out more about what these fee eliminations mean to Members, you can visit ANECA.org/ByeByeODF