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. ** Maximum of two (2) paid or returned fees per day per account. Fee is waived if your account is overdrawn by $10 or less. |
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Action Non-sufficient Funds/Overdrafts * |
Fee $14.00 per NSF item returned or per overdraft item paid |
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Action Uncollected Funds ** |
Fee $14.00 per item Paid or Returned |
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Action Closed Membership |
Fee $20.00 if within 90 days |
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Action Returned Statement (1st incident) |
Fee $5.00 – future mailings suspended |
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Action Returned Statement (1st incident) |
Fee $5.00 each |
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Action Overdraft Transfer from Savings |
Fee $3.00 per transfer |
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Action Failed ACH Payment |
Fee $20.00 each |
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Service |
Fee |
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*Note: A stale-dated check is 6 months old unless otherwise noted. |
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Service Account Reconciliation/Research |
Fee $25.00 per hour |
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Service Domestic Wire Transfer (outgoing) |
Fee $15.00 per transfer |
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Service International Wire Transfer (outgoing) |
Fee $30.00 per transfer |
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Service ACH Origination Online |
Fee $20.00 per month |
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Service Paper Statement |
Fee $5.00 per month |
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Service Paper Statement Copy |
Fee $5.00 each |
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Service Temporary Checks |
Fee $2.00 per sheet of 4 |
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Service Check Order Prices |
Fee Prices vary per style |
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Service Check Photocopy |
Fee $3.00 per copy |
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Service Money Order |
Fee $5.00 each |
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Service Stale Dated Returned Check* |
Fee $5.00 per item |
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Service Legal Processing Fee (writ, levy, etc.) |
Fee $50.00 each |
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Service Stop Payment** |
Fee $20.00 |
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Service ATM Surcharge |
Fee Other institutions may charge to use their ATMs (see free ATMs) |
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Service Abandoned Property/Escheatment Processing Fee |
Fee $25 per membership |
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Service Business Check Card Replacement |
Fee $10.00 per card; $40.00 expedited |
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Service Business Check Card Termination |
Fee $5.00 per member’s request |
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Service Official Check (Cashier’s Check) |
Fee $5.00 each |
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Service Official Check/Money Order Replacement |
Fee $20.00 each |
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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 |