Stanford Federal Credit Union President/CEO Joan Opp joined us on the show to share the news regarding her credit union recently eliminating NSF fees. Stanford FCU is the latest in a long line of credit unions eliminating various fees — and that line seems to be getting longer.
Before we discussed Stanford's “why,” Joan shared her thoughts on the credit unions eliminating or altering their NSF fees in recent months. What does this trend mean for the industry moving forward?
She also talked about how her credit union is no stranger to giving back fees to members, refunding more than $2.3 million to members in the last five years. That said, Joan tells us why Stanford FCU to made it official eliminating its NSF fees, along with what they look to achieve by eliminating these fees for members.
In addition, Joan provides advice to other credit unions looking to do something similar. And lastly, she shares some other related announcements in regards to overdraft protection program, checking-to-savings account transfers, launching cryptocurrency services, and more.
Check it out and let us know your thoughts.
Mike Lawson, Host
Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.