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 Effective Date: July 13, 2016. All fees, services charges, minimum balances and other requirements may be changed at any time by the Velocity Credit Union Board of Directors.
- Savings (Share) Accounts
Description Fee Closed account fee for closing savings (share) account within 180 days of its opening $5.00 Repost fee on Non-Sufficient Funds (NSF) or ACH electronic debit $30.00 each Non-Sufficient Funds (NSF) fee charged on a returned ACH electronic debit $30.00 each
- Checking Accounts (Share Drafts)
Description Fee 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 $10.00 Access Checking (S15) - Monthly Service Charge $15.00 per month Non-Sufficient Funds (NSF) fee $30.00 each Privilege Pay fee $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 $2.00 each thereafter Automatic Overdraft Protection - fee for automatic transfer of funds to checking in $50.00 increments $5.00 per transfer Transfers by telephone (does not include STAR Teller transfers) $5.00 per transfer STAR Teller - audio response inquiries or funds transfers No charge Check Orders (fee automatically deducted from checking account) Contact nearest Credit Union office 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 Account - All fees associated with checking accounts also apply to Money Market Accounts except the monthly charge and automatic overdraft protection. Money Market Account - service charge when monthly ending balance is less than $1,000.00 $10.00 per month
- Business Checking Accounts
All fees associated with checking accounts also apply to Business Checking Accounts except for the monthly service charge.
Description Fee Classic 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. No monthly service charge Choice Business Checking (S22) - Service charge when average balance for the month is less than $15,000.00. 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. $20.00 per month 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 Check cashing for non-members $5.00 each Checks drawn on personal accounts with Velocity No charge Checks drawn on business accounts with Velocity $5.00 per check Savings (Share) Accounts Closed account fee for closing savings (share) account within 180 days of its opening $5.00 Repost fee on Non-Sufficient Funds (NSF) or ACH electronic debit $30.00 each Non-Sufficient Funds (NSF) fee charged on a returned ACH electronic debit $30.00 each
- ATM/Debit Mastercard -- Non-Velocity Machines
Description Fee Balance Inquiry fee $0.80 each Withdrawal (Excluding: Alliance of Austin Credit Unions ATMs) $1.50 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 $2.95 each ScoreCard Rewards Debit Mastercard Annual fee
(charged during annual anniversary month of card issuance)
$20.00 annually Mastercard Gift Card $3.00 each Privilege Pay fee on Non-Sufficient Funds (NSF) when ATM/debit card use creates insufficient balance $30.00 each
- Safe Deposit Boxes
The following annual fees are deducted from renter savings account during the anniversary month of opening a new box, or during January for boxes rented prior to 1998.
Description Fee 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
- Miscellaneous Fees and Charges
Description Fee Stop Payment Order $30.00 per order Money Orders $1.25 each Credit Union Official Check - All members receive one free per month. $3.00 each Mastercard Gift Card - A monthly inactivity fee of $2.95 may be assessed to your card after 12 consecutive months of inactivity. 3.00 each If your card is lost/stolen, you may receive a replacement card for a fee of $5.00 by calling 866.496.6183 Subordination Agreement Fees: 2nd lien title processing and handling $75.00 Additional Attorney Fee if prepared subordination agreement is not provided $50.00 Additional release of real estate lien $50.00 Person-to-Person payment $1.00 per payment
- Wire Transfer Fees
Description Fee Incoming Wire Transfers (Domestic & International) $5.00 Outgoing Wire Transfers (Domestic) $20.00 Collection exchange fee $2.00 Incoming collection item fee $25.00 per item Collection item fee (foreign) $40.00 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 Legal Processing Fee $25.00 minimum (or actual cost) 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 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 $10.00 per account Formal loan accounting fee
(first request within 6 mo. period is free)
$25.00 each Check by phone payment $10.00 per transaction Verification of deposit $10.00 each