Madison, WI – July 13, 2021 – Effective today, UW Credit Union will cut its overdraft (OD) and nonsufficient funds (NSF) fees by more than 80%, from $30 per occurrence to $5. The simplified policy creates a meaningful reduction for members and supports national shifts designed to create more equitable banking. The average NSF/OD fee in the U.S. was more than $33 in 2020, up from $30 in 2010, according to Bankrate.com. UW Credit Union’s new, industry-low fee applies to all its accounts, including checking, savings and money market transactions. UW Credit Union will continue to provide a (-)$10 threshold, under which no fees will be charged, as well as limit fees to a maximum of one per day. UW Credit Union eliminated overdraft fees related to everyday debit card purchases and ATM withdrawals in 2010. These practices remain uncommon among most financial institutions.