ANECA Federal Credit Union, a cooperative financial institution chartered for Caddo, Bossier, and Desoto Parishes is
announcing the elimination of its Overdraft and Non-Sufficient Funds (NSF) fees approved at recent ANECA Board
Meeting. The fees will be eliminated from all consumer accounts September 15.
ANECA CEO, David Wodke, had this to say:
“These are challenging times, and these fees place even more stress on members who may be struggling financially.
This is an opportunity to put our membership first, and we are proud to have a positive impact on our community. “
These types of fees are a huge revenue generator for banks and other financial institutions. In the United States
overdraft fees generated over $12.4 billion dollars in fee income in 2020.*
ANECA already offers early access to direct deposit payments, and the ANECA team sees the elimination of these fees
as yet another member-first solution.
This is just one example of how ANECA functions differently from banks. We are a member-owned and member-run
financial institution, democratically controlled by our membership. Decisions are made to benefit the Credit Union’s
membership, not unseen stockholders of a for profit institution.
“We have a Member-Centric business model. We operate for the benefit of our Members and if we don’t think it is
right for them, we don’t do it,” says Lynn Lyle, ANECA’s Board Chairman.
ANECA will still offer its courtesy pay feature to those who opt-in.