Business Fees
Tips to Avoid Fees
There are two kinds of fees associated with VBiz accounts, Account Fees and Service Fees, but let’s face it, nobody likes paying fees that are unnecessary. And we don’t want to charge unnecessary fees. Although there are some fees that cannot be avoided when you choose to use a particular product or service, there are ways to avoid or reduce some fees altogether. Here are some helpful tips with the most common fees:
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ATM Surcharge
Instead of using an ATM, ask for cash back at a retail store. There may be dollar limits on getting cash back free, but even if there is a charge, it’s usually a lot less than the surcharge fee charged by the ATM owner. You can also get cash free of any surcharge fee at any CO-OP ATM in the U.S. These ATMs are owned by credit unions and no fee is imposed.
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Non-Sufficient Funds
Keeping an accurate record of your account is the most important tip to avoid overdrawing your account and getting charged with this fee. For added security consider overdraft protection or appending a line of credit to your account.
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Excessive Withdrawal
You can avoid this fee by making sure you don’t use your savings account as a transaction account. A good rule of thumb is to keep your monthly transactions to no more than six per month. When you conduct a transaction from one of your savings accounts face to face with a teller, that transaction is exempt from being counted.
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Paper Statement Charge
If you sign up for online access to your account(s) you won’t need a paper copy sent to you. Instead you can download a copy of your statement or a copy of a check yourself and print it at home or work. Online banking is free.
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Action |
Fee |
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* Applies to non-sufficient funds or overdraft items created by check, in-person and ATM withdrawal, or other electronic means. Maximum of two (2) paid or returned fees per day per account. Fee is waived if your account is overdrawn by $10 or less. The NSF fee is charged each time an item is presented for payment against insufficient available funds. Multiple presentments of the same item may result in multiple fees. |
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Action Non-sufficient Funds (NSF)* |
Fee $14 |
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Action Overdraft Transfer (from another deposit account) |
Fee 4 free per month, then $3 each |
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Action Returned Statement (1st incident) |
Fee $5 – future mailings suspended until address is corrected |
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Service |
Fee |
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* This fee applies to any debit card transaction made at a location in a foreign country, or payable to a merchant located in a foreign country even if you initiate the transac-tion from within the United States. ** You may use your ATM/debit card from us at any of our ATMs without incurring a fee. If you use an ATM not owned by us, the non-NEFCU ATM Fee will apply as outlined above. Additionally, you may incur a surcharge fee from any institution for using their ATM. Transactions through the CO-OP Network are surcharge-free. The $1.50 non-NEFCU ATM fee will be charged if applicable. *** Single check, Multiple checks within range, ACH |
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Service Abandoned Property/Escheatment Processing Fee |
Fee $25 per membership |
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Service Account Reconciliation/Research |
Fee $35 per hour |
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Service ACH Origination Online |
Fee $20 per month |
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Service ATM Surcharge |
Fee Other institutions may charge to use their ATMs (see free ATMs) |
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Service Bill Pay Overnight Check Payment |
Fee $14.95 per transaction |
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Service Bill Pay Same Day Electronic Payment |
Fee $9.95 per transaction |
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Service Business Debit Card Replacement |
Fee $5 per card (1 free per account per year); $15 expedited |
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Service Cannabis Monthly Service Fee |
Fee 1.5% of total monthly deposits; capped at $1,500 |
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Service Check Copy |
Fee $3 each |
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Service Check Order Prices |
Fee Prices vary per style |
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Service Domestic Wire Transfer (outgoing) |
Fee $15.00 per transfer |
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Service Foreign Check Collection |
Fee $35 each |
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Service Foreign Wire Transfer (outgoing) |
Fee $30 per transfer |
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Service International Transaction Fee* |
Fee 1% of transaction amount |
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Service Non-NEFCU ATM Fee** |
Fee 4 free per month; then $1.50 each |
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Service Official Check (Cashier’s Check) |
Fee $2 each (free if payable to business name on account with us) |
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Service Paper Statement |
Fee $5 per month |
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Service Returned Deposited Item |
Fee $5 when item is from a third party; $24 when item was written off of an account owned by you |
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Service Statement Copy |
Fee $5 each |
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Service Stop Payment (Check or ACH)*** |
Fee $19 |
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Service Temporary Checks |
Fee One free sheet (4 checks) per month; then $2 per sheet (4 checks) |