Fees for various services at banks and credit unions have been steadily increasing over the last few years. There are ATM fees, nonsufficient funds fees, checking and savings accounts fees and of course, overdraft fees.

Overdraft fees have been charged to many American consumers at least once due to things like a paycheck not depositing on time or a calculation error made by the account holder.

Suncoast Credit Union Overdraft Fees fall into somewhat of a different category with respect to how the institution operates compared to other banks and credit unions, as readers will soon learn.

What Are Overdraft Fees?

Overdraft fees are fees assessed on an account when a purchase or ATM withdrawal requires causes the customer’s checking account balance to go in the negative due to being overdrawn. Without overdraft protection, the transaction might simply be denied. With overdraft protection, the financial institution covers the transaction but typically charges a fee for this service.

Across the US, fees for overdrafts range from $10-$38, and the average overdraft fee is $27.

Suncoast Credit Union Overdraft Fees

Practices surrounding Suncoast Credit Union overdraft fees vary widely from those practices in other credit unions and banks. Suncoast Credit Union states on its website “you probably do a great job managing your checking account. But when the occasional oversight or unexpected expense occurs, we offer free overdraft protection.”

Suncoast is one a few financial institutions that does not attempt to make additional profits from the so-called oversight or unexpected expenses occur. The website continues by saying “use your savings, money market account, Suncoast VISA Credit Card or personal line of credit to cover any overdrafts you may have. And while some banks have fees associated with overdraft transactions, our services are free – as they should be.”

Members of Suncoast Credit Union can link their checking accounts with another account in their name to be able to have any money transferred from those accounts into their checking account to cover purchases and withdrawals with no additional fees.

While Suncoast Credit Union overdraft fees are not assessed, the credit union does have a separate service named Overdraft Privilege. This program allows members to have protection against their bounced checks.

A nonsufficient funds fee of $29 per day is assessed by Suncoast Credit Union if its members enrolled in Overdraft Privilege bounce a check. The check is still paid, and does not bounce, but the customer is required to pay the fee for the service of having the credit union cover the transaction.

These Suncoast Credit Union overdraft fees of $29 associated with Overdraft Privilege are assessed daily until the customer’s account balance is restored to the positive. The credit union requires that customers then bring their account to a positive balance within 30 days.

Potential Improper Practices Surrounding Overdraft Fees

Some credit unions and banks have been accused of engaging in improper practices related to overdraft fees. In particular, these financial institutions have been accused of re-ordering transactions rather than processing them in the order made, essentially causing some customers to be charged more fees than they should have been.

If you have been charged for overdraft fees that you believed to be inappropriate, you may qualify to receive legal compensation as a result. An attorney can consult with you for free to discuss your case and can help to outline the legal options that are available to you.

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