7 17 Announces the Retirement of Simply Rewarding and Associated Fees

7 17 Announces the Retirement of Simply Rewarding and Associated Fees!

As of January 1, 2023, the Simply Rewarding program has been eliminated. The program offered loan discounts and certificate rate bumps based on overall household relationships. In a raising rate environment, and with many members and families in our community struggling to keep up with inflation, 7 17 has decided to offer the Premium Level rates from the program to all qualifying applicants regardless of existing relationship.

One additional component of the program was tiered discounting on Overdraft Protection transfer fees which were as high as $8.00. While overdraft transfer fees have been common practice in the financial services industry, 7 17 decided to eliminate all Overdraft Protection transfer fees. As such, if you opt-in to Overdraft Protection and link your checking account to another 7 17 account such as a savings account, money market account, personal line of credit, or Visa® Rewards Credit Card, 7 17 will automatically transfer funds, without fee, to cover an item when funds are not available in the checking account.

While not part of the Simply Rewarding program, 7 17 has also eliminated the $3.00 monthly membership fee for those with aggregate household deposit and loan balances below $1,000.

These changes reflect a desire to better assist members and potential members of all means. At 7 17 Credit Union, we believe that improving the financial wellbeing of the individual improves the condition of the communities in which we all live and work.