Credit Union Fees: What to Expect and How to Avoid Them

Do Credit Unions Charge Fees?

Yes, though generally fewer and lower than comparable bank fees. Credit unions are not-for-profit, but they must cover operating costs. Fees are set by the board of directors and disclosed in the account fee schedule, which must be provided at account opening and is available on the credit union's website.

Common Fees at Credit Unions

• Monthly maintenance fee: Many credit unions have no monthly fee on basic checking and savings. Where fees exist, they are typically $5–$10/month and often waived with minimum balance, direct deposit, or age (student/senior) qualifications.
• Overdraft / NSF fees: $20–$35 per incident. Credit unions tend to charge less than the $35–$39 common at large banks. Many offer overdraft protection through automatic savings transfers (often free or $5) or a line of credit.
• ATM fees: No fee for in-network ATMs. Out-of-network fees are typically $2–$3, often reimbursed by the credit union up to a monthly cap.
• Wire transfer fees: Domestic wires typically $15–$25 outgoing; incoming wires often free. International wires may be $35–$50.
• Stop payment fees: $20–$30 for stopping a check or ACH payment.
• Paper statement fees: $1–$3/month if e-statements are available and you opt for paper.
• Dormancy fees: Charged on accounts with no activity for 12–24 months. Often $5–$10/month after a dormancy period.

Fees That Are Rare at Credit Unions

• Account opening fees (nearly unheard of)
• Minimum balance fees on basic share savings (most waive if you maintain the $5–$25 membership minimum)
• Debit card replacement fees for the first replacement
• Excess transaction fees on savings (since Reg D limits were lifted in 2020, many credit unions removed these)

How to Avoid Fees

• Enroll in e-statements
• Set up overdraft protection from savings
• Use in-network ATMs (use the credit union's ATM finder)
• Maintain the minimum balance if one is required
• Set up direct deposit to qualify for fee waivers
• Keep at least some activity in accounts to avoid dormancy fees

Where to Find the Fee Schedule

Federal law requires credit unions to provide a fee schedule (Truth in Savings disclosure) at account opening. You can usually find the current fee schedule on the credit union's website under "Disclosures" or "Rates and Fees." If you can't find it online, call the credit union — they are required to provide it upon request.