If you’re a member of Valleystar Credit Union or thinking of joining this organisation, you may want to learn about the debit card expenses. As with other banking institutions, Valleystar does charge certain fees for its debit card services, but the good news is that many of these fees are avoidable if you know how to manage your account properly.
The purpose of the article is to outline the debit card fees that are specific to Valleystar Credit Union, how they operate and the relevant information that would assist you in mitigating these fees or avoiding them altogether.
This article aims to show you how to use your debit card effectively if you are new to credit unions or if you are already a member and do not wish to incur any surprise charges.
What is Valleystar Credit Union?
Overview of Valleystar Credit Union
Valleystar Credit Union is a Texas-based non-profit cooperative. Members-only credit unions such as Valleystar are not like any other commercial banks in that final decisions are made by members. This means that as a member, you have a vested interest in the administration of the credit union.
That is, you are not merely a customer but an owner. Because of this, the level of service, fees, and loan rates offered are better than those of commercial banks.
Valleystar Credit Union is one of the many that provide a variety of services including savings and checking accounts, loans, and even debit and credit cards. They are community-oriented and strive to maintain the privacy of their members while securing their stay within the community.
Why Choose Valleystar Credit Union?
In contrast with private banks, for example, Valleystar credit union gets to focus on serving its members rather than on generating profits. Banks owe profits to their shareholders, but credit unions reinvest their profits so the members get loans at lower rates, and even receive dividends sometimes.
Considering Valleystar’s policy, it attracts customers who do not want to bear the burden of high fees banks often make people pay. In light of this, however, one should pay attention to the fee system as it’s beneficial only when you make the most out of your membership.
Types of Debit Cards Offered by Valleystar Credit Union
Standard Debit Cards
The standard debit card is the most basic one offered by Valleystar. The card, on the other hand, allows purchases and ATM withdrawals against your checking account. There is no annual cost for this, hence it is great for members that want to keep incurring as little expenditure as possible, combined with meeting their basic need of spending.
Key Features:
- Ability to conduct transactions through a merchant network of ATMs across the country
- Normal range of transactions such as point-of-sale, online purchases and so on
- Basic anti-fraud measures
Premium Debit Cards
A premium debit card with Valleystar will come with extra benefits such as reward programs, travel incentives and high transaction limits. However, the price of these premium cards is also dependent on the features you select and can be quite expensive.
A premium card is suited for people who travel a lot and those who spend a lot on their debit cards. However, do keep in mind that these cards do entail a monthly fee to maintain them and in addition, when transacting in foreign countries there are additional charges incurred too.
Key Features:
- You can receive rewards (cashback and points accumulation on different cards)
- Additional anti-fraud options
- Ability to withdraw larger sums of money
- You can open additional accounts with different parameters, for example, with travel expenses or discounts.
Choosing the Right Debit Card
The key in choosing a card is your needs, determine: a card with minimum requirements or maximum rewards. If the primary goal is to minimise fees, the ideal primary card would be the standard card. But if you have frequent trips and expenses with significant amounts of money, then the advantageous option for you would be the premium card, although it will have a high fee.
A Breakdown of Valleystar Credit Union Debit Card Fees
In order to use the card without a withdrawal fee, you need to understand what actions may incur similar losses. Now let us examine the Valleystar cards in detail and find out what extra costs you will need to consider.
Monthly Maintenance Fees
Some credit unions charge a fee, for example, for maintenance, however, the current charges of the credit union are considered tolerable. If these conditions are met, this circumstance usually results in personal reimbursement. For example, a fixed deposit or minimum balance.
How to Avoid This Fee:
- Enable direct deposit to automatically avoid paying the fee.
- Keep a minimum balance of money every month in your account.
ATM Fees
The ATM charge will not be applicable if you use Valleystar’s ATM. However, the Valleystar user will have to use Valleystar’s ATM in order to avoid this fee, in case they are not willing to pay the charge. The amount can be quite excessive especially when you have to withdraw large amounts very often. If this is not the case, you may follow the guide below:
How to Avoid This Fee:
- Always check for Valleystar’s ATMs or seek an ATM that is in the CO-OP network as there are no charges applicable.
- Try not to make multiple trips to the ATM by planning your withdrawals in a way that you withdraw cash on fewer occasions, but in larger amounts.
- Also, if you are relocating, it is a good practice to search for an ally ATM network that allows you to steer clear of International ATM charges.
Overdraft Fees
Moreover, at some times, you may be required to pay an overdraft usage fee when you take money out from an ATM or make a purchase. To avoid this particular fee, you can connect your current account to your savings account or a credit line.
How to Avoid This Fee:
- If you want to set up overdraft protection, you are required to link an account with a credit line or a savings account.
- If instead of overdraft coverage, you’d rather have a fee for your transactions to be declined, then you will have to notify of such a need.
Foreign Transaction Fees
If you are using a Valleystar debit card when overseas or buying something online in a foreign currency, there is a possibility of incurring foreign transaction fees. Most of these fees range anywhere between 1%-3% of the value of the transaction conducted.
How to Avoid This Fee:
- There are debit cards with exemptions on foreign transaction fees; furthermore, one can also opt for credit cards while purchasing abroad.
- Opt for currency exchange providers that do not charge international transaction fees.
Replacement Card Fees
In the event where you lose your debit card or it has been stolen, requesting a replacement card may be the suitable way to go. Valleystar charges a certain fee for issuing a new card; apart from these, there are times when certain situations will allow for a free replacement (e.g., theft protection).
How to Avoid This Fee:
- It is best to report your lost or stolen card to a supervisor at a bank to avoid additional unnecessary charges as there are others who take the opportunity and use it for purchases.
- Search for suspicious purchases and keep your card close.
Card Activation Fees
In some cases, it is normal for some financial institutions to charge for card activation; in other instances, there is no fee associated. Valleystar typically does not have such a charge.
How to Avoid This Fee:
- Activating your card either online or via phone according to Valleystar’s instructions should be preferable as usually it does not cost anything.
How to Avoid Common Debit Card Fees at Valley star
Although Valleystar’s fees are lower compared with other banks, there are still steps which can reduce or even eliminate them. Below are some practical suggestions that you might want to consider:
- Set Up Direct Deposit
One of the best ways to avoid a fee is to have your salary deposited directly into your paycard account. Valleystar does not charge maintenance fees on accounts that have direct deposits linked to them. - Use the Right ATM Network
Valleystar offers its customers a vast network of ATMs. While using them in-network, you can easily avoid the out-of-network ATM fees which tend to accumulate quickly. - Monitor Your Account
In order to avoid fees, consider checking your account regularly, especially if you are close to the minimum amount you require. You can use the internet app or banking websites to manage your funds and avoid losing more money. - Consider Overdraft Protection
It is advisable to transfer money from a savings account or apply for credit for backup support in the event of a power outage. If your balance is insufficient, the protection will ensure that you are not charged any fees and that your payments are covered. - Use Your Card Wisely Abroad
The guide also mentions the significance of informing Valleystar in advance about planned trips abroad, in order to avoid instances of fraud alert. Be sure to designate credit with no foreign transaction fees for higher purchases.
How Valleystar Credit Union Protects Your Financial Privacy
Nothing dismays members using debit cards more than the risk of fraud and identity theft. With this in mind, Valleystar Credit Union is very meticulous about privacy and thanks to several measures put in place, your information remains intact.
Fraud Protection Features
Adding another layer of protection are EMV chips embedded in all of Valleystar’s debit cards and used when making point of sale purchases. Criminals find it difficult to produce a replica of the card thanks to the chip. Another protective measure is the email or SMS alert for each transaction sent out by the credit union to the member’s registered phone number.
What to Do If Your Card is Lost or Stolen
Firstly, if your debit card has been stolen or lost, you should inform Valleystar immediately to freeze your account. Valleystar provides help around the clock. Also, their mobile app is super helpful since you can directly lock your card using the app.
Consumer Protections
Valleystar is a credit union, thus, it’s no surprise that they have cover under the National Credit Union Administration (NCUA) too. This means, rest assured that in case fraud does happen, all your accounts and funds are under API security, with a deposit of up to $250,000 under insurance.
My Opinion
For new users, this could get tricky but understanding the basic structuring of a debit card and how you can steer away from hidden charges is extremely important.
Valleystar Credit Union has an extensive ATM network of MLA which has dispensers of fees simply by having direct deposit accounts.
Sooner rather than later, you’ll get all the practice so as a Valleystar member you will enjoy the privileges on low expenses.
It’s important to note that a Valleystar debit card can be effective only if one is careful to avoid being taken advantage of by their fees and friendly support. For instance, Walker emphasises that wherever possible, spend it locally as it saves on the ATM as well as international use fees.
