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'Everyone comes up short sometimes': UW Credit Union to lower overdraft fee to $5

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MADISON, Wis. — UW Credit Union, effective immediately, is reducing all overdraft and nonsufficient fund fees to just $5.

UW Credit Union previously charged $30 per occurrence, according to a news release. The bank said simplifying its policies across the board will help create a more equitable banking experience.

“Everyone comes up short sometimes,” said UW Credit Union President & CEO Paul Kundert. “From a student managing their first bank account to families who lose track of their current balance, our goal for all members is to help them accumulate wealth, not erode it. While some fee is necessary to discourage behaviors that may harm local businesses and other members, it should be reasonable and applied equitably.”

The universal fee applies to checking, savings and money market transactions.

No fees will be charged for any negative balances less than $10. Fees are also limited to a maximum of one per day. UW Credit Union members can sign up for automatic alerts to let them know when their bank account drops below a specified balance to help avoid over drafting their accounts.