What You’ll Learn
- In this article we’ll discuss new changes to Salal overdraft fees and how these updates will save members money.
We have some big news that’s going to save many of our members money. We’re pleased to announce that starting September 13, 2023, Salal will no longer be charging non-sufficient funds (NSF) fees, overdraft transfer fees, or returned item fees. We’re also changing how we assess fees for Courtesy Pay automatic overdraft protection to make it less likely that a fee will be charged.
Eliminating these fees will collectively save our members around $346,000 a year and will especially benefit those who find themselves in financially vulnerable situations. Overdraft and other related fees can end up being a major obstacle that can lead to someone losing access to banking services.
More Details on Fees That Are Going Away
No More Non-Sufficient Funds (NSF) Fees: NSF fees will no longer be charged for items returned due to an insufficient balance on accounts that don’t have overdraft or Courtesy Pay options.
No More Overdraft Fees: There will be no more $5 fee for overdraft transfers made from a line of credit or a linked account.
No More Returned Item Fees: We will no longer be assessing a fee when a third-party check is returned on a member’s account.
Updates to Courtesy Pay Fees: Our Courtesy Pay services allow a transaction to go through even when an account lacks sufficient funds to cover the transaction. If your account has Courtesy Pay or Courtesy Pay Plus, you will now only be charged a fee if an item overdraws your account by over $25. This way, small overdrafts won’t lead to mounting fees.
Working Towards a More Equitable Financial System
Studies have shown that overdraft fees disproportionately impact financially vulnerable individuals and families—those who are struggling with paying bills, saving for emergencies, and managing debt. As a member-owned financial institution, we know that we are stronger when we all work together for the common good. We hope these changes to our fee policy will be a step forward towards breaking the cycle of financial struggle and making our services more supportive and equitable for all our members.
You can get more details about these changes in our updated Consumer Product & Fee Disclosure.
