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Somerset Federal Credit Union

Fee Schedule

Effective Date: 11/01/2017

Statement or Passbook Savings

Monthly FeeNone
Balance to Open Account$5

This is your share in the Credit Union and must be maintained for the life of the account. This $5 cannot be used for overdraft protection, automatic loan payments or ATM withdrawals.


Checking

Monthly FeeNone
Balance to Open Account$5

This is your share in the Credit Union and must be maintained for the life of the account. This $5 cannot be used for overdraft protection, automatic loan payments or ATM withdrawals.


Check Printing

First order of checksFree1st box of 100 standard style checks only.
Check re-ordersVaries by StyleYou can reduce the number of checks you write by using your Visa Debit Card and our FREE bill pay product.

The charge for checks will be automatically deducted from your checking account.


Overdraft Fees

Fees for using your account when you don’t have enough money in it.

Return Item Fee$30For each item returned unpaid.
Overdraft Fee$25For each item paid in accordance with the Credit Union's Discretionary Overdraft Policy.
Overdraft Protection Fee$5For each item paid by transferring funds from your savings account.
  • Fees will be imposed for overdrafts created by checks, ACH debits, Point-of-Sale, ATM withdrawals, in-person withdrawals, or by other electronic means.
  • Items will not be paid if your account does not contain available funds (including the Overdraft Privilege limit) to cover the item(s) and the amount of any fee(s).
  • Accounts must be brought current (repaid) within 32 days.
  • Overdraft items will not be paid if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within thirty-two (32) days for a minimum of one business day.
  • We generally post items in the following order:1) Force-paid items from prior day processing, posted in time-stamp order, 2) Outgoing wire transfers, 3) Cash withdrawals with teller, 4) Over-the-counter items - posted in serial number order, 5) Cash withdrawals through an ATM, 6) Debit card transactions - posted in time-stamp order, 7) Online banking debits - posted in time-stamp order, 8) TellerPhone Debits, 9) ACH Debits in order of presentment, 10) In-clearing checks - lowest amount to highest amount order, 11) Automatic Debit Transactions, such as loan payments and 12) Fees and other miscellaneous items.

ATM Withdrawal Fees

Somerset FCU does not charge a fee for using any ATM. To avoid fees charged by the ATM owner look for the SUM logo on the ATM or visit www.sum-atm.com to locate a surcharge free ATM.


Stop Payment Fees

Stop Payment on CheckFreeIf placed via Online Banking.
Stop Payment on Check$30If placed with a Credit Union Representative.
Stop Payment on ACH Debit$30Only available with SFCU Representative.
Stop Payment Removal$10Only available with SFCU Representative.
Revocation of Electronic Payment$30 

Online Account Fees

Online BankingFreeAccess your account 24 hours a day.
Bill PayerFreeWrite fewer checks.
Mobile BankingFree
Mobile Deposit CaptureFree
e-StatementsFree
TELLERPhone FreeAvailable 24 hours a day, 7 days a week.

Deposited Items Returned

Items deposited into your account that are returned unpaid.$10Per item.
Copy of returned item$5

Wire Transfer Fees

Wire Transfer Outgoing$25Domestic
$35International
Wire Transfer Incoming$20Domestic
$30International

Other Fees

Replace Passbook, Debit Card or ATM Card$10
Money Orders$2Each
Phone Transfer with MSR$3Free for member age 65 and over.
Official / Bank Check$2Each - waived if paying property taxes.
NOW Checks$3For five (5) over the counter checks.
Foreign Check Collection$30
Bad Address Fee$2Per Month.
Club Account $5Charged if account is closed before maturity date or for each withdrawal made.
Dormant Account$3Per month
Statement Copy$10Free online.
Research & Reconciliation$25Per hour.
Manually Post Electronic Credit$10Per item

Safe Deposit Box Fees

Lost Key$10Must be able to provide one key.
Drilling FeeVariesIf both keys are lost or non-payment of rent.
Billing Fee$5If you do not use auto pay for annual rent.
2" x 5"$24Annually
2 1/2" x 5"or 2 3/4" x 5"$27Annually
3" x 5"$30Annually
5" x 5"$39Annually
3" x 10"$51Annually
5" x 10"$60Annually

This guide is part of your Deposit Account Agreement and contains additional information about the fees and features of your account. For terms governing your account, please consult Somerset Federal Credit Union's Account Disclosure Information brochure and Dividend Rate Sheet. The terms of the account, including fees and features may change.