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:

 

  • ATM

    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.

  • No Fee

    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.

  • Dollar Down Arrow

    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.

  • Clipboard

    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.

Account Fees (VBiz Fees)

Action

Fee

* 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.

** Maximum of two (2) paid or returned fees per day per account. Fee is waived if your account is overdrawn by $10 or less.

Action

Non-sufficient Funds/Overdrafts *

Fee

$14.00 per NSF item returned or per overdraft item paid

Action

Uncollected Funds **

Fee

$14.00 per item Paid or Returned

Action

Closed Membership

Fee

$20.00 if within 90 days

Action

Returned Statement (1st incident)

Fee

$5.00 – future mailings suspended

Action

Returned Statement (1st incident)

Fee

$5.00 each

Action

Overdraft Transfer from Savings

Fee

$3.00 per transfer

Action

Failed ACH Payment

Fee

$20.00 each

 

Service Fees (VBiz Fees)

Service

Fee

*Note: A stale-dated check is 6 months old unless otherwise noted.
**Single check, Multiple checks within range, ACH

Service

Account Reconciliation/Research

Fee

$25.00 per hour

Service

Domestic Wire Transfer (outgoing)

Fee

$15.00 per transfer

Service

International Wire Transfer (outgoing)

Fee

$30.00 per transfer

Service

ACH Origination Online

Fee

$20.00 per month

Service

Paper Statement

Fee

$5.00 per month

Service

Paper Statement Copy

Fee

$5.00 each

Service

Temporary Checks

Fee

$2.00 per sheet of 4

Service

Check Order Prices

Fee

Prices vary per style

Service

Check Photocopy

Fee

$3.00 per copy

Service

Money Order

Fee

$5.00 each

Service

Stale Dated Returned Check*

Fee

$5.00 per item

Service

Legal Processing Fee (writ, levy, etc.)

Fee

$50.00 each

Service

Stop Payment**

Fee

$20.00

Service

ATM Surcharge

Fee

Other institutions may charge to use their ATMs (see free ATMs)

Service

Abandoned Property/Escheatment Processing Fee

Fee

$25 per membership

Service

Business Check Card Replacement

Fee

$10.00 per card; $40.00 expedited

Service

Business Check Card Termination

Fee

$5.00 per member’s request

Service

Official Check (Cashier’s Check)

Fee

$5.00 each

Service

Official Check/Money Order Replacement

Fee

$20.00 each

Service

Bill Pay Overnight Check Payment

Fee

$14.95 per transaction

Service

Bill Pay Same Day Electronic Payment

Fee

$9.95 per transaction