Effective Date: Thursday, October 1, 2020

Statement or Passbook Savings

Monthly Fee None
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.

Personal Checking

Monthly Fee None
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.

Simple Business Checking

Monthly Fee $3 Fee is waived if account is enrolled in eStatements.
Balance to Open Account $100

Check Printing

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

First Order of Checks Free First box of 100 standard style checks only.
Check Re-Orders Varies by Style You can reduce the number of checks you write by using your Visa® Debit Card and our FREE Bill Pay product.

Overdraft Fees

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

Return Item Fee $30 For each item returned unpaid.  May be imposed on the same transaction.
Overdraft Fee $25 For each item paid in accordance with the Credit Union’s Discretionary Overdraft Policy.
Overdraft Protection Fee $5 For 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 Allpoint logo on the ATM or click here to locate a surcharge-free ATM.

Stop Payment Fees

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

Mortgage Servicing Fees

Mortgage Payoff Fax $25 Each
Subordination Agreement Review $175 Each
Duplicate Mortgage Discharge $25 Each

Online Account Fees

Online Banking Free Access your account 24 hours a day.
Bill Pay Free Write fewer checks.
Mobile Banking Free Access your account from your mobile device.
Mobile Deposit Capture Free Deposit checks from your mobile device.
eStatements Free
TELLERphone Free Available 24 hours a day, 7 days a week.

Deposited Items Returned

Items Deposited into Your Account that are Returned Unpaid $10 Per item.
Copy of Returned Item $5

Wire Transfer Fees

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

Other Fees

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

Safe Deposit Box Fees

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

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.

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