UW Credit Union in Madison, Wis., reduced its overdraft and (OD) and nonsufficient funds (NSF) fees by more than 80%, to $5 per occurrence from $30.

The $4.5 billion asset credit union says the policy creates a meaningful reduction for members and supports national shifts designed to create more equitable banking.

“Everyone comes up short sometimes,” says UW Credit Union President/CEO Paul Kundert. “From a student managing their first bank account to families who lose track of their current balance, our goal for all members is to help them accumulate wealth, not erode it.”

The average NSF/OD fee in the U.S. was more than $33 in 2020, up from $30 in 2010, according to Bankrate.com.

UW Credit Union’s fee reduction applies to all accounts, including checking, savings, and money market transactions. It will continue to provide a negative $10 threshold under which no fees will be charged, as well as limit fees to a maximum of one per day.