Grand Shreveport House: ANECA Federal Credit Union Eliminates Overdraft & Under-Fund Fees


ANECA Federal Credit Union, an approved cooperative financial institution for the parishes of Caddo, Bossier and Desoto, announces the elimination of its overdraft and insufficient funds (NSF) fees. The change was approved at a recent ANECA board meeting. The fees will be removed from all consumer accounts on September 15.

“It’s a tough time, and these fees put even more stress on members who may be struggling financially,” said David Wodke, CEO of ANECA. “This is an opportunity to put our members first, and we are proud to have a positive impact on our community. “

These types of fees are a huge income generator for banks and other financial institutions. According to Forbes, overdraft fees in the United States generated more than $ 12.4 billion in fee income in 2020.

ANECA already offers early access to direct deposit payments, and the ANECA team sees eliminating these fees as another priority solution for members. This is just one example of how ANECA works differently from banks. It is a financial institution owned and managed by its members, democratically controlled by its members.

“We have a member-centric business model. We operate for the benefit of our members and if we don’t think it’s right for them, we don’t, ”said Lynn Lyle, ANECA Board Chair.

This press release was produced by the Greater Shreveport Chamber of Commerce. The opinions expressed here are those of the author.

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