OnPath Credit Union

Have you ever checked your statement balance and noticed that the total was less than you expected? Banks often charge fees for withdrawals, deposits and transfers, and these fees can add up. We've compiled some of the most common fees charged by banks to show you how it can affect your savings.

1. Monthly Maintenance Fees

If you have a checking or savings account, your bank may charge you every month just to keep it open. Even if you don't make any transactions, money will still be deducted from your account if you are using a bank that participates in this practice. The average monthly maintenance fee is over $13 per month, which adds up to $156 a year. At OnPath Federal Credit Union, there are no monthly fees for the majority of our checking accounts.

2. Balance Transfer Fees

Changing financial institutions can help save you money over the long term but beware of transfer fees. Balance transfer fees are common when switching credit card companies to account for potential lower interest rates. Typically, one to three percent of your debt will be charged as a one-time fee for switching. Depending on your current financial situation, this could be a large sum.

We do things differently at OnPath Federal Credit Union – there are no balance transfer fees on credit cards, so you can take advantage of our credit card rates without having to spend more.

3. Overdraft Protection Fee

Overdraft protection exists as a way to ensure that your transactions will clear even when the account balance may lack the appropriate funds. Typically, this service ensures money is withdrawn from another one of your accounts to cover for the remaining balance needed. Banks will often use this as an opportunity to charge you an insufficient funds fee. The average overdraft protection fee is $33, which can add up over time. OnPath Federal Credit Union provides this service to help make sure your payments go out on time, but only charges $28 – $5 less than the average.

4. Application Fees

If you're planning a home renovation project, you may need to take out a home improvement loan to help cover the expenses. Banks often charge application fees just to fill out the initial forms – before you even take out the loan. You won't find those fees at OnPath Federal Credit Union, as we believe in building trust and lasting relationships with our members.

Forget the Fees

At OnPath Federal Credit Union, you won’t have to worry about excessive fees, so you can focus on making your money work for you. We encourage you to contact any of our 11 branches in the Greater New Orleans Area to learn more.