How Many NSF Fees Can Wings Financial Charge?

Wings Financial may charge multiple NSF fees on the same transaction if it is reprocessed, according to the credit union’s account agreements.

What are NSF Fees?

NSF fees, which may be called returned payment fees, can occur when a check, subscription payment, or other transaction exceeds an account’s balance. Unlike overdraft fees, NSF fees do not allow a transaction to proceed. Instead, these fees penalize the account holder.

For example, if a consumer sets up an automated payment for a gym subscription using their account information, they may be charged an NSF fee if their account lacks the funds to pay for the subscription. Because of this, consumers are encouraged to use caution when paying with a check or setting up an auto payment. This is especially true considering the high fee amounts charged by many banks.

How Much Can NSF Fees Be?

The maximum allowed NSF fee varies from state to state, ranging from $20 to $40. In many states, the maximum NSF fee amount is a flat dollar amount. However, other states allow varying NSF fees based on the transaction amount.

In Florida, an NSF fee can be up to $25 for a transaction of $50 or less, up to $30 for a transaction of $300 or less, up to $40 for a transaction of $800 or less, and 5% for a transaction of over $800. Similarly, Georgia allows NSF fees of up to $30 for transactions of $600 or less or 5% for a transaction of over $600.

In other states, banks are allowed to charge a portion of or the entire face amount of the check up to a certain amount. For example, in Ohio, banks can collect $30 or 10% of the check amount – whichever is greater. In Washington, banks can charge $40 or the face value of the check – whichever is lesser.

How Can I Avoid NSF Fees?

NSF fees can quickly add up to be costly for consumers. In light of this, there are several steps that consumers can take to avoid these fees.

If you want to avoid NSF fees, you may want to sign up for overdraft protection. Although this service is associated with other fees, they may be less than what you’re charged in NSF fees. However, be sure to be on the look out for overdraft fee abuses.

In some situations, you may be able to ask your bank to waive the fee for you. For example, if you have a good history with your bank and are only slightly insufficient on funds, your financial institution may be willing to waive an NSF fee. However, the possibility of this may vary depending on a bank’s policies.

Another good way to avoid NSF fees, and other bank charges, is to remain mindful of your account balances and any future bills you may have automatically withdrawn. For example, if you have a limited amount of funds – most of which need to go towards an automatic bill payment – you can be mindful of avoiding unnecessary purchases.

Regularly using mobile banking can help consumers stay up to date on their account balances on the go. Setting up low account balance alerts can also help consumers keep an eye on their accounts.

Unfortunately, even consumers who are careful to avoid NSF fees may find themselves with multiple charges and may even be subject to unfair Wings Financial fee policies.

How Many NSF Fees Can Wings Financial Charge?

According to Wings Financial’s account agreement, the credit union can charge multiple NSF fees if a transaction is preprocessed many times. There is no limit noted in the agreement.

“You may be charged a fee each time a transaction is presented for payment, even if the same transaction is presented multiple times, which may result in multiple fees for the same item,” the Wings Financial account terms state.

Some consumers have left Wings Financial reviews online that detail their issues with Wings Financial fees. According to a consumer in one of the more recent Wings Financial reviews, they opted into the credit union’s overdraft protection program in order to avoid NSF fees, but ended up owing more than $300 in compounded Wings Financial fees. The customer complained that the charges seemed to be maximized, because the transactions went through non-chronologically, rearranging themselves within two hours.

According to the review, the customer spoke to an advisor who “admitted it probably cost more because I was in the program,” they said. “I believe at the least it’s a shady deal; at worst fraud.”

The title of the review summarizes their issue with the credit union’s fee practices succinctly: “Ripoff – Fee You Like the Big Banks. No Mercy.”

In another of the Wings Financial reviews, a customer claims that the credit union charged an NSF fee despite having sufficient money in the account, and refused to refund the fees when the error was pointed out.

Filing a Wings Financial Fees Lawsuit

Although these terms are not illegal, some consumers argue that banks like Wings Financial take advantage of consumers with excessive fees. And while there are ways to avoid fees, not everyone can.

Several banks and credit unions have faced legal action over allegedly deceptive policies which allow them to charge many fees to the detriment of consumers. In some cases, these lawsuits have resulted in banks and credit unions paying customers back millions of dollars in fees. In a recent bank fees lawsuit, TD Bank agreed in August to pay $97 million in restitution to 1.42 million customers, along with a $25 million civil penalty to settle allegations from the Consumer Financial Protection Bureau.

A variety of banks and credit unions are under investigation for their fee policies by attorneys, including:

• Valley National Bank
• Bethpage Credit Union
• Wings Financial Credit Union
• Lake Michigan Credit Union

If you were charged unfair Wings Financial fees, or unfair fees at these or any another financial institution, you may be able to take legal action against the practices. Filing a lawsuit can be a daunting prospect, so Top Class Actions has laid the groundwork for you by connecting you with an experienced attorney. An experienced attorney may be able to determine your eligibility for significant compensation.