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March 28, 2023
Six Fees We’re Eliminating to Save Our Members Money
We’re here to help members save money — in fact, the average savings per household was $214 last year when comparing credit unions to banks.1 But that doesn’t mean we want to stop where we are now. We aim to continue helping members keep more money in their pockets and are always looking for new ways to do so. That’s why we analyzed our fee schedule and made the decision to eliminate six fees, effective March 2023.
We’ve eliminated six fees.
Serving people, not profit, comes with the responsibility to work toward both the financial sustainability of the collective membership and the financial growth of individual members. While this responsibility does include charging certain necessary fees to maintain fiscal accountability with our members’ money, it also includes the duty to make sure any fee that gets charged is not only justifiable but necessary.
Julie Dean, VP of Treasury, said, “We recognize that in being true to our direction of making a difference in the financial well-being of our members, we needed to find ways to provide more to them. So, one of those ways was looking at our fees and finding where we could make changes.” We’ll no longer be charging the following fees:
- Account Service Fee: Remember the $10 monthly fee that applied when you didn’t meet certain account criteria? You can forget about it.
- Checkless Checking Fee: We want our Checkless Checking Account to be a super affordable option for anyone looking for simple, no-cost checking.2 No more $5 fee here.
- Statement Copy Fee: This $4 fee used to cover the cost of a replacement copy of a monthly statement.3
- Check Copy Fee: As the name implies, this $2 fee was formerly applied if you needed a copy of a check.
- Coin Deposit Fee: We used to charge a percentage-based fee for rolled coin deposits. Now, you can bring us that quarters-and-nickels collection whenever you’re ready to deposit it, fee-free.
- Returned Check Deposit Fee: It’s not fun when a check someone’s written to you bounces unexpectedly, so we don’t want to make that experience worse by charging a $35 fee.
What does this all mean for our membership? In total, we estimate that eliminating these six fees will save our members about $2.5 million over the course of a year. That’s more money in your pocket and less spent on fees.
Why these specific fees?
We looked at all our fees to decide where to start and find out what would make the most impact. Dean said, “We considered feedback from our members and team members, as well as Member Contact Center data. For these fees in particular, many of our members getting charged are the very same we’re really trying to help obtain financial security and financial opportunities. We’re hoping this action can make a big impact on our membership — providing more ways for members to grow.”
We aren’t stopping here either. We’ll be continuing to look for additional ways to help our members save money while working for the collective good of the membership.
Grow Savings and Checking Accounts are subject to ChexSystems® approval.
1Per household annually. CUNA U.S. Membership Benefits Report, Q3 2022. Accessed February 17, 2023. https://www.cuna.org/advocacy/credit-union—economic-data/data—statistics.html
2You cannot use paper checks on this account. Any check written will be returned unpaid, even if you have sufficient money in your account.
3We still charge a $4 monthly statement fee to cover the cost of printing and postage on paper statements. Members aged 12 and under, and members aged 65 and older, are exempt from the paper statement fee. To avoid the paper statement fee altogether, members can subscribe to eStatements, which provides digital statements.
How to Find Your Routing & Account Numbers
When you make a payment online, by phone or on a mobile device, you may be asked for our routing number and your checking account number. Credit unions and banks use these numbers to identify accounts and make sure money gets where it’s supposed to be. You’ll also need to provide your routing and checking account numbers for:
- Direct deposits
- Electronic checks
- Military allotments
- Wire transfers
Where to Find Your Routing & Checking Account Numbers
Your personal checks include both our routing number and your account number, as shown on the Grow check example below.
Don’t have a Grow check? No worries.
Visit any Grow store and ask for a Direct Deposit Form. It lists both your routing number and checking account number.
Making a Loan Payment
When it comes to making payments, we try to make it as painless as possible to pay your loan every month. We have several different ways to pay, including convenient online options.
You have two ways to pay online by transferring funds from another bank or credit union.
- Grow Online Banking (Preferred payment method for any loan)
This is the simplest way to pay your loan. You can make one-time payments or set up automatic recurring payments in Grow Online Banking. Once you log in, select “Transfer/Payments” from the menu. If you’re not enrolled in Grow Online Banking yet, you can set up your account in just a few minutes.
- Debit Card or ACH (Available for auto, personal loans and HELOCs)
Note: ACH and debit card payments are not available for credit cards or most mortgages, except HELOCs.
We accept ACH payments with no additional fees or Mastercard® and Visa® debit cards with a convenience fee of $4.95. To get started with an online ACH or debit card payment, select Pay Now below.
Pay by Mail
You can also pay any Grow loan by check through the mail. Please remember to include your account number and Grow loan number on the check. (For credit card payments, please do not write your 16-digit credit card number on the check, which can cause a delay in processing the payment.)
Address for auto, credit card, personal loan and HELOC payments:
Grow Financial Federal Credit Union
P.O. Box 75466
Chicago, IL 60675-5466
Address for personal first or second mortgages and home equity payments:
Grow Financial Federal Credit Union
P.O. Box 11733
Newark, NJ 07101-4733
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