Business ProfileforCobalt Credit Union

I have my checking account set up to transfer money from my savings account directly to my checking account for overdraft protection. I monitor my account daily online. When money is transferred from savings to checking, I can see the transaction. On 10/27/2024, I was reviewing fraudulent charges that I was notified of through Cobalt and looking through statements, I discovered that Cobalt had charged me $5.00 each time there was an automatic transaction transferred from from my savings to my checking account. This did not appear on my online transactions that I check daily. Their statement to me When I told them that I had not been informed of the fee for overdraft protection that “ Maybe you should look at your statements closer”. The manager at Stonybrook credit Union in Omaha, Nebraska said that she would contact her manager and call me back. I received A call back the afternoon of 10/28/2024 with her explanation that her manager would credit me $10 which would equal two charges for overdraft protection. I have accrued $1000 of charges from Cobalt credit Union for overdraft protection of my own money from my savings to my checking account over the last two years. It was never explained to me when opening this Account that I would be charged five dollars per transaction. I received calls for fraudulent transactions on my debit card, but is it not fraudulent that they would let me accrue five dollar charges multiple times every month Without somebody noticing that possibly their customer misunderstood? I would never have allowed this to happen to myself had I known. Obviously, I would have transferred money from account to account for no charge if I had known that this was a rule of “overdraft protection”. I feel this is fraudulent on their part. I am seeking support to be refunded of the fraudulent charges they made without my knowledge.

We have been working to reach our member to visit about the way the account is set up. In the meantime, we have refunded all the $5 fees. The $5.00 transfer fee is outlined in our fee schedule. This fee applies when funds are automatically transferred in multiples of $100 from one of your accounts to another to cover the transactions when there are not enough funds. It helps to ensure your transactions are paid without being returned avoiding additional fees or negative impacts to your account. We offer this automated transfer service for a fee, but transfer fees are typically less than an overdraft charge. To avoid transfer fees, we recommend monitoring your account balance closely, setting up low-balance alerts, or consider opting out of overdraft protection altogether, which means transactions that would overdraw your account will be declined. Thank you for your continued membership and we look forward to working with you more in the future!