BANKS & CREDIT UNIONS INCREASE OD PRICE IN 2018
ODs are over 70% of almost all banks and credit unions service charges to consumers.
An overdraft price increase is significant for consumers and even small businesses.
Call, email or text with any questions or comments positive, negative or indifferent.
LOW PRICE OVERDRAFTS STILL AVAILABLE IN CERTAIN MARKETS
Lake Forest, IL (January 23, 2019) Banks increased the overdraft price $2 while Credit Unions increase OD $1 in 2018. Yet, the overall national median price stayed the same at $30.
“This is the first time in 19 years banks and CUs increased the OD price at the same time,” notes J.V. Proesel, Director of Research and Clients at Moebs Services, an economic research firm doing the December 2018 Moebs Overdraft Survey.
“This survey is 2,947 depositories statistically derived from 10,946 depositories in December 2018 by Professor George Easton of Emory University in Atlanta, GA,” notes Proesel.
The Moebs OD Survey shows the national OD price stayed the same at $30 while banks increased median OD price to $32 and CUs increased their price to $30. The median OD price is used to avoid extreme high and low prices. The national, median OD price of $30 remains unchanged from the Great Recession.
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Written By: m.moebs
Date Posted: 1/23/2019
Number of Views: 597