The Boeing Employees Credit Union (BECU) is a Washington-based credit union. It has assets worth about 19.6 billion dollars. It was established in 1935 and has its main office in Tukwila, Washington, in the United States. Benson Porter serves as its chief executive officer, and Michael Sweeney serves as its chairman of the board.
When a customer’s account is overdrawn, the BECU online banking charges about $25 for one transaction. Exchanges choices that BECU offers to its clients and individuals are as per the following.
Mislead Overdraft Fee Practices for BECU Customers
Payments by ACH, checks, online bill payment, and debit cards BECU offers its members and customers overdraft fee protection services. However, these services come with a fee and some problems. They also don’t include the available overdraft amounts in the balance provided by a teller, phone, ATM, or even online banking. You can link eligible accounts like your savings account, personal credit, and money market. By doing so, you can transfer available funds when your checking account balance is lower than necessary to cover an item and avoid paying a nonsufficient funds fee.
If you have a member advantage checking or savings account, you will receive a premium rate for the first $500. Additionally, member advantage accounts offer better earnings on CD, IRA, and money market accounts.
Overdraft fees, according to CNN, make money for banks and credit unions. However, nowadays, you can always verify and check how much money is in your account by using online banking facilities. As a result, very few customers overdraw their accounts. As a result, some banks and credit unions are deceiving their customers into paying the maximum or unneeded fee as an overdraft fee.
Overdraft fee practices may have deceived BECU members and customers. According to research, ATM withdrawals, checks, and debit card balances incur overdraft fees from numerous banks and credit unions.
Additionally, the credit union may have added multiple charges for insufficient funds to a single transaction in order for the banks to maximize their profits from overdraft fees.
Item return fee or NSF fee?
Overdraft fees are now only taken by the bank if the customer has chosen overdraft protection. NSF stands for “Not Sufficient Funds,” which means that payment cannot be made by check or debit card because there are insufficient funds in the account.
Fees for multiple returned items are a charge that a bank adds to a customer’s account in the event of a failed transaction. Consumers are reporting that banks are charging repeatedly for the same failed transaction, even though a single failed transaction may cost up to $30.
Lawyers recently filed a class action overdraft fee lawsuit against Sovereign Bank, which is now owned by Banco Santander. The lawyers claimed that the bank was charging overdraft fees and prioritizing large transactions over smaller ones in order to collect the maximum amount of overdraft fees from customers. The unauthorized overdraft fee alone had brought in millions of dollars for sovereign banks.
Shamis & Gentile, P.A.’s bank overdraft fee lawyers say it’s doing what’s right, but if you’ve been duped by banks, it’s unfair to let them get away with it without losing a penny.