LA CROSSE, Wis. – June 21, 2021 – Last month, Marine Credit Union (Marine) launched a new program, CoverIt, a subscription-based program that allows members to dip into a grace zone up to -$50 without being penalized with per item overdraft fees. Members pay $12.95 per month for the subscription. If the overdraft protection is not needed that month, the member receives a five-dollar rebate as a shared success for the member and Marine.
The CoverIt program’s unique design was introduced exclusively to members as an alternative to Marine’s traditional $35 overdraft protection fees. “We were seeing too many members heading down a bad cycle of debt, just because of overdraft fees,” said Adam Keer, Chief Experience Officer at Marine. “This program rewards members for using their overdraft protection responsibly and saving them from large overdraft fees.”
In the first two months of the program, over 300 members have enrolled and saved a combined four thousand dollars in overdraft fees.
Marine’s CoverIt program supports our mission to advance the lives of people from a place of financial need to a life of ownership and giving back in our communities. CoverIt is valuable to Marine members who live paycheck to paycheck. It’s a step in the right direction to create a manageable budget and plan for life’s little ups and downs.
About Marine Credit Union
Marine Credit Union is built upon the strong belief that members are more than a credit score, and we are committed to providing financial services to all members of the community—including those with past financial challenges. Marine will continue our long-standing tradition of delivering personalized lending solutions to fit our members’ individual needs. Marine Credit Union is a full-service financial institution serving members with office locations in Wisconsin, Minnesota and Iowa. For more information, connect with us on Facebook, Twitter, YouTube and LinkedIn.