Wednesday, October 23, 2019

CU Overdraft Fees Up 3.4 Percent from a Year Earlier

Moebs Services is reporting that the median overdraft fee at credit unions rose 3.4 percent over the past year ending on June 2019.

The median overdraft fee at credit unions was $30 as of June 2019, up from $29 a year earlier.

In comparison, the median overdraft fee at banks increased by 6.7 percent over the past year to $32.

Unsurprisingly, the study found that there was a year-over-year decline in the volume of overdrafts at both credit unions and banks. The volume of overdrafts were down 1.2 percent at credit unions versus 6.8 percent at banks.

Michael Moebs, Economist and CEO of Moebs Services, contends that history shows that overdraft revenues will either stagnate or decline with the increase in overdraft fees.
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