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SECU Saves Snowbound Members Over a Quarter Million in Potential Overdraft Fees

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RALEIGH, N.C., Feb. 11, 2014 (GLOBE NEWSWIRE) -- Staying true to its "Do the Right Thing" mentality, State Employees' Credit Union (SECU) didn't let a recent snowfall keep it from helping members avoid some hefty fees. During a late January winter blast, SECU waived over $219,000 in potential Non-Sufficient Funds (NSF) and returned check fees for its Another Chance Program participants – over a quarter of a million dollars when factoring in industry standard fees!

SECU's Another Chance program works by sending members an alert notification that a deposit or transfer of funds is needed by 5:30 p.m. on the day of receiving the alert to prevent one or more items from being returned due to insufficient funds in their checking account. During the wintry event, alerts came, along with snow and freezing temperatures that created hazardous road conditions. SECU kept members' best interests at heart by taking immediate action to ensure Another Chance items were not returned, eliminating the need for those members without online access to visit a branch in order to make a deposit.

Over a three day period of challenging weather, SECU paid over 5,900 Another Chance items totaling nearly $916,000, waiving more than $71,000 in $12 NSF fees associated with those payments while sparing members an additional $148,000 in averted $25 returned check charges.

Jennifer Hamrick, SECU Senior Vice President of Support Services, remarks, "As an organization that believes in doing the right thing for its members, SECU is confident that the decision to pay the items and relieve the financial burden of associated fees and charges was the right choice. The success and continued growth of Another Chance is an indication of the significant value the alert program offers to members."

About SECU

A not-for-profit financial cooperative owned by its members, SECU has been providing employees of the State of North Carolina and their families with consumer financial services for over 76 years. With nearly 1.9 million members, SECU provides services through 253 branch offices, 1,100 ATMs, 24/7 Contact Centers and a website, www.ncsecu.org.

CONTACT: Leigh Brady, EVP - Organizational Development Office: 919-807-8347 | Mobile: 919-327-8869 | leigh.brady@ncsecu.org

Source:State Employees' Credit Union(SECU)