Schedule of Fees and Service Charges

Credit unions have always been not-for-profit organizations designed to offer the best possible service at the best possible price to their members. Traditionally, credit unions offer some of the best loans rates, dividend rates, and service fees of any type of financial institution. Velocity works hard to uphold this tradition.

Service charges and fees are designed to be reasonable and help to offset the Credit Union's cost of providing some of the more labor intensive services to its members. Such fees, when appropriate and fair, help make individual services more "self supporting". In turn, the Credit Union is able to be more aggressive in offering lower loan rates and higher dividend rates. Most important, properly targeted fees allow the cost of providing certain services to be borne by the users of those services and not by our membership as a whole. In this way, savers and borrowers do not have to subsidize the cost of services they may not use.

The following fee and service charge information is in effect as of February 1, 2009. All fees, services charges, minimum balances and other requirements may be changed at any time by the Velocity Credit Union Board of Directors.

Checking Accounts (Share Drafts)
Totally Free Checking Account (S7)
FREE
Priority One Checking Account (S4) - service charge
$6.00 per month
Prime Checking Account (S8) - service charge
$3.50 per month
Regular Checking Account (S9)- service charge when average balance for the month is less than $500.00
$5.00 per month
Check Plus Checking Account (S6) - service charge when average balance for the month is less than $750.00
$7.50 per month
Access Checking (S15)
Opening fee
Monthly Service Charge
 
$10.00
$15.00 per month
Free Business Checking (S20) - $0.00 service charge per month. Not to exceed 50 deposit items per month. If deposit items exceed 50 items per month, then $0.25 per item charge will be assessed.
FREE
Business First Checking (S21) - Service charge when average balance for the month is less than $5,000.00. Not to exceed 150 deposit items per month. If deposit items exceed 150 items per month, then $0.25 per item charge will be assessed.
$10.00 per month
Business Growth Checking (S22) - Service charge when average balance for the month is less than $15,000.00. Unlimited deposit items per month.
$15.00 per month
Insufficient Funds (NSF) fee
$30.00 each
Privilege Pay fee on Insufficient Funds (NSF)
$30.00 each
RTI fee charged when a deposited check or multiple party check is returned
$5.00 per item
RTI fee - member drawer of check
$30.00 per item
Computer print-out of account history (30 days). This information is free through online banking.
$2.50 each
Photocopy of a paid check (2 free per statement)
2 free per statement $2.00 each thereafter
Automatic Overdraft Protection - fee for automatic transfer of funds to checking in $50.00 increments
$3.00 per transfer
Transfers by telephone (does not include STAR Teller transfers)
$3.00 per transfer
STAR Teller - audio response inquiries or funds transfers
No charge
Check Orders (fee automatically deducted from checking account)
Contact nearest Credit Union ofice for current costs or order online
Research/Reconciliation fee - fee charged to assist members in researching and/or reconciling their accounts
$20.00 per hour
($10.00 minimum)
Temporary Checks - fee for temporary checks (a free starter kit of temporary checks is issued to all new account holders)
$0.50 each
Electronic Bill Payment
FREE
Money Market Prestige Account
All fees associated with checking accounts also apply to Money Market Prestige Accounts execpt for the monthly charge and automatic overdraft protection.
Prestige Money Market Account - service charge when monthly ending balance is less than $1,000.00
$10.00 per month
Savings (Share) Accounts
Closed account fee for closing savings (share) account within 180 days of its opening
$5.00
Closed account fee for closing Holiday savings (share) account before October 1st dividend payment date (term of acount is October 1st to September 31st of each year)
$10.00
Repost fee on Insufficient Funds (NSF) or ACH electronic debit
$30.00 each
Insufficient Funds (NSF) fee charged on a returned ACH electronic debit
$30.00 each
ATM / Debit MasterCard
Non-Velocity Machines
Balance Inquiry fee
$0.80 each
Withdrawal (Excluding: Alliance of Austin Credit Union's ATMs)
$1.00 each
ATM/Debit Card supporting document photocopy
$10.00 each
ATM/Debit Card reissue or additional cards
(This fee charged to replace lost, stolen, or damaged card.)
$5.00 each
Non-Velocity card at a Velocity-owned ATM Machine
$2.25 each
PERKS EVERYDAY Rewards MasterCard Debit Card Annual fee
(charged during annual anniversary month of card issuance)
$20.00 each
MasterCard Gift Card
$3.00 each
Privilege Pay fee on Insufficient Funds (NSF) when ATM/debit card use creates insufficient balance
$30.00 each
Safe Deposit Boxes
The following annual fees are deducted from renter's savings account during the anniversary month of opening a new box, or during January for boxes rented prior to 1998:
3" x 5" x 22" safe deposit box
$18.00 annually
5" x 5" x 22" safe deposit box
$24.00 annually
3" x 10" x 22" safe deposit box
$30.00 annually
5" x 10" x 22" safe deposit box
$42.00 annually
10" x 10" x 22" safe deposit box
$78.00 annually
Lost or damaged safe deposit box keys
Contact nearest Credit Union office for current costs
Wire Transfer Fees
Incoming Wire Tranfers
No Charge
Outgoing Wire Transfers (Domestic)
$15.00
International Wire Transfers (Foreign)
$35.00
International Wire Trace
$20.00
Western Union Wires
Domestic
$15.00
International (less than $500)
$20.00
International ($500.01 - $1000.00)
$25.00
International ($1000.01 - $2,000.00)
$30.00
International ($2,000.01 - $5,000.00)
$35.00
International ($5,000.01 and up)
$45.00
Vigo Foreign Wire Transfer
Contact nearest Credit Union office for cost
Miscellaneous Fees and Charges
Stop Payment Order - for one check or a continuous series of checks
$30.00 per order
Money Orders
$1.25 each
Cashiers Checks
$2.00 each
American Express Travelers Checks
1% of purchase
American Express Travelers Checks for Two
1.5% of purchase
American Express Gift Checks
2.50 each
Collection exchange fee
$2.00
Incoming collection item fee
$25.00 per item
Collection item fee (foreign)
$15.00 each
Collection item fee (domestic)
$10.00 each
Fee for copies of documents
$1.00 per page
Fax Domestic - Outgoing
$2.00 per page
Fax Foreign - Outgoing
$5.00 per page
Garnishment or Levy fee
$10.00 each
Fee charged to issue a Credit Union check from checking, savings, or money market accounts (The first two per month are free.)
$2.00 each
Payroll Check Cashing fee (waived for members with more than $100.00 on deposit, $1,000.00 in loans, or for those depositing more than 50% of the check. Fee is assessed for all cashing of two party payroll checks.)
1% of check or $2.00 (whichever is greater)
Fees charged for account research at member's request (if the account error is caused by the Credit Union, no fee is charged.)
$20.00 per hour ($10.00 minimum)
Indirect loan processing fee
$5.00 per account
Formal loan accounting fee
(first request within 6 mo. period is free)
$25.00 each
Verification of deposit
$10.00 each
Check by phone payment
$10.00 per transaction
Business Account Night Depository Service
$20.00 annually
Night Depository Tamper Resistant Bags
$0.25 each or $100 per box of 500
Coin Roll Order
$0.10 per roll of coin
Currency Strap Order
$0.40 per strap of currency
Non-Relationship Check Cashing Customers
Checks drawn on personal acounts with Velocity - no charge
Checks drawn on business accounts with Velocity - $5.00 per check
$5.00 each
ACH Commerce Service
One-time setup fee
$100.00
Monthly service charge
$25.00
ACH return items
$5.00 per item
Direct Debit/Credit
$0.25 per item
Telephone/Internet checks
$0.50 per item
Exception Processing
Late File Processing (files processed after cut-off time)
$25.00 per file
File reversal (to reverse erroneous entries to the Fed)
$25.00 per file