Will Mobile Devices & Apps Kill Overdrafts?
Mobile Devices & Apps will initially lower overdraft usage.
The impact will lower OD prices, higher OD limits and a more educated user.
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Can Banks, Credit Unions, Thrifts & FinTechs Afford to Lose $34 Billion In Revenue?
Lake Forest, IL (September 3, 2019) The answer is mobile devices & apps heavily impact overdrafts. In the past 15 years mobile device & apps (MD&As) use by Americans has tripled from 100 million to 300M today. Since 2003 thru 2018 overdraft (OD) revenue has gone from $28.1 billion to $34.8B.
Alert: this transaction may cause an overdraft and service fee. Today this alert does not stop over 40-80 million Americans who overdraw their entirely electronic checking account. Why? Understanding the behavior of MD&As users who also overdraw is the subject of a recent study by Moebs $ervices, an economic research firm. READ FULL ARTICLE
Written By: m.moebs
Date Posted: 9/3/2019
Number of Views: 21