The Credit Union shall assess the following fees for services offered to members:
| Item | Amount |
|---|---|
| Checking Accounts (Share Drafts) | |
| Free Checking (CK02) | Free |
| Rewards Checking (CK06) | $4.95 per month The service charge is waived with $2,000.00 in combined Mastercard Rewards debit card and/or Mastercard credit card spending posted and settled (credit card period coverage is from the 28th of the previous month to the 27th of the current month), e-statement enrollment, and monthly electronic deposit(s) of $1,500 or more. A higher monthly dividend will be paid on balances from $1 up to a $15,000 maximum (any dollar amount over receives the current rate for checking accounts). |
| Student Checking (CK07) | FREE |
| Access Checking Accounts (CK04) | $10.00 opening fee; $15.00 per month |
| Grandfathered Checking Account Types: | |
| Regular Checking Accounts (CK03)* | $5.00 per month Service charge when the average balance for the month is less than $500.00 |
| Check Plus Checking Accounts (CK01) | $7.50 per month Service charge when the average balance for the month is less than $750.00 |
| Savings Accounts (Share Accounts) | |
| Closed Account Fee | $10.00 per account For closing savings/share account within 180 days of its opening |
| Money Market Accounts | |
| All fees associated with checking accounts also apply to money market accounts except for the monthly service charge and automatic overdraft protection. | |
| Service Charge | $10.00 per month Service charge when the average daily balance for the month is less than $2,000 |
| Additional Fees for Checking/Savings Accounts | |
| Non-Sufficient Funds (NSF) | $30.00 per returned submission Fee charged on a returned submission |
| Repost fee on Non-Sufficient Funds (NSF) submission | $30.00 per repost (maximum of two per submission) |
| Privilege Pay Fee | $30.00 each |
| RTI Fee | $15.00 each Fee charged when a deposited check or multiple party check is returned. |
| RTI Fee – Member drawer of check | $30.00 each Fee charged when a deposited check or multiple party check is returned and deducted from an account when the member is the drawer of the check. |
| Account History/Statement Print-Out | $5.00 each occurrence |
| Returned Mail Fee | $5.00/month |
| Inactive Account Fee | $5.00/month Fee charged from 6 to 11 months of inactivity (eff. 08/01/2021) |
| Photocopy of a Paid Check . | 2 free/statement $2.00 each |
| Automatic Overdraft Protection Transfer | $5.00 per transfer Fee for automatic transfer of funds to checking in $50 increments. |
| Transfers by Telephone | $5.00 per transfer Does NOT include voice response or Online Banking Supply of Checks* |
| Supply of Checks | Printer’s Current Price Fee automatically deducted from account |
| Temporary Checks | $.50 each Issued after account is active NOTE: a free starter kit is provided with new accounts |
| Electronic Bill Payment | |
| Electronic Bill Payment | FREE |
| ATM/Debit Mastercard | |
| Transaction Fees (ATM fees) Non-Velocity ATMs: |
|
| Balance inquiries | $1.00 each |
| Withdrawals and/or transfers to/from any eligible account | $1.50 each |
| ATM/Debit Card International/Foreign Transaction Fee | 1% of transaction amount 1% of each foreign currency transaction in U.S. dollars 1% of each U.S. dollar transaction that occurs in a foreign country |
| ATM/Debit Card Supporting Documents Photocopy | $10.00 each |
| ATM/Debit Card reissue | $10.00 per card (The fee charged to replace lost, stolen, or damaged card.) |
| Privilege Pay Fee | $30.00 each When ATM/Debit Card use creates non-sufficient balance. |
| CU Rewards Program for Debit Mastercard* | $20.00 annually (Charged during annual anniversary month of membership.) |
| Non-Velocity Credit Union card at Velocity owned ATM | $3.25 each NOTE: There are no transaction fees charged when you use a Velocity Credit Union ATM or Debit Card at a Velocity Credit Unionowned ATM or when you use an ATM of another credit union that is a member of the Austin Alliance ATMs. |
| Expedited Delivery Fee | $25.00 (Also applies to non-expedited cards sent to an alternate address not on member’s account) |
| Credit Card Fees | |
| Annual Fee for Mastercard Platinum Card | $0.00 |
| Annual Fee for Mastercard Secured Card | $20.00 For secured cards issued after January 2017. Charged in first billing cycle and annually, thereafter. |
| Balance Transfer | 2% of each transfer ($5.00 minimum) Except during an introductory rate period Only applies to credit cards issued after April 2020 |
| Cash Advance: | |
| Credit cards issued after April 2020 | 3% of each advance ($5.00 minimum) |
| Credit cards issued prior to April 2020 | 1% of each advance ($10.00 minimum) |
| International/Foreign Transaction Fee: | 1% of each foreign currency transaction in U.S. dollars 1% of each U.S. dollar transaction that occurs in a foreign country |
| Statement Print-Out | $5.00 each occurrence |
| NSF Fee for Payments | up to $30.00 each |
| Late Payment Fee (15 days and over past due) | up to $28.00 |
| Returned Payment | up to $30.00 |
| Expedited Delivery Fee | $25.00 |
| Payment by Phone | $6.00 |
| Safe Deposit Boxes | |
| The following annual fees are deducted from the member’s designated account annually: | |
| 03″x05″x22″ | $20.00 per year |
| 05″x05″x22″ | $30.00 per year |
| 03″x10″x22″ | $40.00 per year |
| 05″x10″x22″ | $60.00 per year |
| 10″x10″x22″ | $90.00 per year |
| Lost Key | $10 plus cost |
| Box Drill | $50 plus cost |
| Wire Transfer Fees | |
| Outgoing Wire Transfers (Domestic) | $20.00 each |
| Miscellaneous Fees | |
| Stop Payment Order | $30.00 each |
| Money Orders | $3.00 each |
| Credit Union Official Check | $3.00 each From Checking, Savings or Money Market Accounts — All members receive one free per month. |
| Verification of Deposit | $10.00 |
| Mastercard Gift Card | $3.00 each (Elite Reward Member $1.50 each) A monthly inactivity fee of $2.95 may be assessed to your card after 12 consecutive months of inactivity If your card is lost/stolen, you may receive a replacement card for a fee of $5.00 by calling the Customer Service number on Velocity’s website. |
| Check Cashing fee for Payroll Checks | 1% of the check or $2.00 (Whichever is greater) This applies only to members who have less than $100 in all deposit accounts or 50% or more of the payroll check back in the form of cash. Applies to ALL members cashing two-party payroll checks |
| Account Research at Member’s Request | $20.00 per hour ($20.00 minimum) (No fee is charged if the error is caused by Velocity Credit Union) |
| Remote Online Notary | $25.00 per notary session (Fee waived for credit union documents that require a notary) |
| Collection Exchange Fee | $2.00 per item |
| Incoming Collection Fee | $25.00 per item |
| Collection Item Fee (foreign) | $40.00 each |
| Collection Item Fee (domestic) | $10.00 each |
| Legal Processing Fee | $25.00 minimum or actual cost |
| Expedited Bill Pay Next Day Check Delivery | $24.95 per transaction |
| Indirect Loan Processing Fee | $25.00 per account |
| Formal Loan Accounting Fee | $25.00 each First request within 6 month period is free |
| Agent-Supported Loan Payment Fee | $20.00 per transaction |
| Single-Payment Loan Fee | $5.95 per transaction (Payment made via digital banking, Text, IVR, or Chat) |
| Loan Extension Fee | $30.00 (for extensions approved by Velocity staff for eligible loans, fee charged per extension agreement) |
| Additional Release of Real Estate Lien | $50.00 |
| Subordination Agreement Fees: | |
| 2nd lien title processing and handling | $75.00 |
| Additional attorney fee if agreement not provided | Attorney’s Current Rate |
| Business Checking Accounts (Share Drafts) | |
| Classic Checking (CB01) | FREE *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. |
| Choice Checking (CB02) | $20.00 per month 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 will be assessed. |
| Additional Fees for Business Account: | |
| Business Account Night Depository Service | $20.00 annually |
| Night Depository Tamper Resistant Bags | $0.25 each or $100 per box/500 |
| Coin Roll Order | $0.10 per roll of coin |
| Currency Strap Order | $0.40 per strap of currency |
| Non Relationship Check Cashing Customers | $5.00 per check Checks drawn on personal accounts with Velocity: no charge Checks drawn on business accounts with Velocity: $5.00 per check |
Schedule of Fees and Service Charges
Credit unions have always been not-for-profit organizations offering members the best possible service at the best possible price. Traditionally, credit unions offer some of the best loans rates, dividend rates, and service fees of any type of financial institution. Velocity is dedicated to upholding this tradition.
Service charges and fees are designed to be reasonable and to help offset the Credit Union’s cost of providing 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 only 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: June 9, 2025. All fees, services charges, minimum balances and other requirements may be changed at any time by the Velocity Credit Union Board of Directors.