A study found that overdraft (OD) revenues soared at credit unions in 2018.
According to Moebs Services, credit union OD revenues soared +5.72 percent to $6.9 billion. However, OD revenues fell at banks and thrifts by 0.73 percent and 1.83 percent, respectively.
The study, The Moebs OD Revenue Study, found that OD transactions at credit unions rose by 2.19 percent, while OD transaction fell for banks by 6.93 percent and at thrifts for 0.53 percent.
Perhaps a sign Credit Unions are serving more of the underserved than Banks? While I am not a fan of overdraft income, it is a better solution than a payday loan. Unfortunately, these programs are what consumers want and they will go where they are available.
ReplyDelete