Velocity Credit Union - Fees - Putting Your Money In Motion

Velocity's - Schedule of Fees and Service Charges

Credit unions have always been not-for-profit organizations designed to offer the best possible service at the best possible price to their members. Traditionally, credit unions offer some of the best loans rates, dividend rates, and service fees of any type of financial institution. Velocity works hard to uphold this tradition.

Service charges and fees are designed to be reasonable and help to offset the Credit Union's cost of providing some of the more labor intensive services to its members. Such fees, when appropriate and fair, help make individual services more "self supporting". In turn, the Credit Union is able to be more aggressive in offering lower loan rates and higher dividend rates. Most important, properly targeted fees allow the cost of providing certain services to be borne by the users of those services and not by our membership as a whole. In this way, savers and borrowers do not have to subsidize the cost of services they may not use.

The following fee and service charge information is in effect as of March 1, 2003. All fees, services charges, minimum balances and other requirements may be changed at any time by the Velocity Credit Union Board of Directors.

Checking Accounts (Share Drafts)
Priority One Checking Account(S4) - regular service charge	$6.00 per month
Prime Checking Account(S8) - service charge	$3.50 per month
Regular Checking Account(S9)- service charge when average balance for the month is less than $500.00	$5.00 per month
Check Plus Checking Account(S6) - service charge when average balance for the month is less than $750.00	$7.50 per month
Insufficient Funds (NSF) fee charged on a returned check, draft, ACH electronic debit, or rejected bill payment	$25.00 per check
Repost fee on Insufficient funds (NSF) check, paper draft or ACH electronic debit	$25.00 per check
Insufficient Funds (NSF) fee charged when check card purchase creates insuficient balance	$25.00 per check
RTI Fee charged when a deposited check or multiple party heck is returned	$5.00 per item
RTI Fee/member drawer of check	$25.00 per item
Computer print-out of account history (30 days). This information is free through Internet Home Banking.	$2.50 each
Photocopy of a paid check (2 free per statement)	$2.00 each
Automatic Overdraft Protection - fee for automatic transfer of funds to checking in $50.00 increments	$3.00 per transfer
Transfers by Telephone (does not include Star Teller transfers)	$3.00 per transfer
Star Teller - fee for audio response inquiries or funds transfers	No charge
Check Orders (fee automatically deducted from checking account)	Contact nearest Credit Union ofice for current costs or order online
Research/Reconciliation Fee - fee charged to assist members in researching and/or $10.00 per hour reconciling their accounts	$5.00 minimum
Temporary Checks - fee for temporary checks (a free starter kit of temporary checks is issued to all new account holders)	$0.50 each
Electronic Bill Payment	$4.50 per month
Money Market Prestige Account All fees associated with checking accounts also apply to Money Market Prestige Accounts execpt for the monthly charge and automatic overdraft protection.
Prestige Money Market Account - service charge when monthly ending balance is less than $1,000.00	$10.00 per month
Savings (Share) Accounts
Share Account Below minimum balance fee when monthly ending balance is less than $25.00	$5.00 per month
Closed account fee for closing savings (share) account within 180 days of its opening	$10.00
Closed account fee for closing Holiday Savings (share) account before Occtober 1st dividend payment date (term of acount is October 1st to September 31st of each year)	$10.00
Repost fee on Insufficient funds (NSF) or ACH electronic debit	$25.00 per check
Insufficient Funds (NSF) fee charged on a returned ACH electronic debit	$25.00 per check
ATM / Debit MasterCard
Non-Velocity Machines
Balance Inquiry Fee	$0.80 each
Withdrawal	$1.00 each
ATM/Debit Card supporting document photocopy	$10.00 each
ATM/Debit Card reissue or additional cards (This fee charged to replace lost, stolen, or damaged card.)	$5.00 each
Non_velocity card at a Velocity owned ATM Machine	$1.75 each
Signature Points Rewards Debit MasterCard Annual fee (charged during annual anniversary month of card issuance)	$20.00 each
Safe Deposit Boxes
The following annual fees are deduted from renter's savings account during the anniversary month of opening a new box, or during January for boxes rented prior to 1998:
3" by 5" by 22" safe deposit box	$18.00 annually
5" by 5" by 22" safe deposit box	$24.00 annually
3" by 10" by 22" safe deposit box	$30.00 annually
5" by 10" by 22" safe deposit box	$42.00 annually
10" by 10" by 22" safe deposit box	$78.00 annually
Lost or damaged safe deposit box keys	Contact nearest Credit Union office for current costs
Miscellaneous Fees and Charges
Stop Payment Order - for one check or a continuous series of checks	$25.00 per order
Money Orders	$1.25 each
Cashiers Checks	$2.00 each
American Express Travelers Checks	1% of purchase
American Express Travelers Checks for Two	1.5% of purchase
American Express Gift Checks	2.50 each
Outgoing Wire Transfers (Domestic) All other outgoing Wire Transfers (Contact nearest Credit Union Office for current costs)	$10.00 each
International Wire Trace	$20.00 each
Collection exchange fee	$2.00
Incoming collection item fee	$10.00 per item
Garnishment or Levy Fee	$10.00 each
Fee charged to accounts with invalid mailing address (mail return)	$5.00 per quarter
Fee charged to issue a Credit Union check from checking, savings, or money market accounts	$2.00 each
Check Cashing Fee (waived for members with more than $100.00 on deposit, $1,000.00 in loans, or for those depositing more than 50% of the check. Fee is assessed for all cashing of two party payroll checks.)	1% of check amount subject to $2.00 minimum
Fees charged for account research at member's request (if the account error is caused by the Credit Union, no fee is charged.)	$10.00 per hour
Indirect loan processing fee	$5.00 per account
Formal loan accounting fee (first request within 6 mo. period is free)	$25.00 each (after first request)
MasterCard Information
Annual fee (except for Special MasterCard program)	None
Transaction fee for cash advance	None