OD Price Stymie’s Revenue
The overdraft price has gotten unreasonable.
About 1% of all depositories charge $40 or more.
A lower OD Price will provide more revenue.
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Overdrafts Need Greater Transparency with Reasonable Pricing
Lake Forest, IL (October 7, 2019) In the past year ending June 30th banks and credit unions both raised their median overdraft prices – banks from $30 a transaction to $32, and credit unions from $29 to $30. Not unexpectantly OD volume fell. Total overdraft revenue was down too.
“Overall the median OD price for all financial institutions is $30,” notes Michael Moebs, Economist & CEO of Moebs Services, an economic research firm that has studied overdrafts for the past 36 years.
“The OD price is becoming unreasonable,” claims Moebs. “This is supported by only 42.8% of all banks, credit unions, thrifts and fintech firms not showing the OD price on their website.” A lack of price information on a good or service often signals a luxury item, which overdrafts are not. “Overall this lack of transparency is a big concern,” states Moebs. READ FULL ARTICLE
Written By: m.moebs
Date Posted: 10/8/2019
Number of Views: 349