Service Charges Soar at Credit Unions
Fees are not a 4 letter word to Credit Unions, yet where are the banks?
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Yet Banks & Thrifts are Short Service Charge Revenue
Lake Forest, IL (December 18, 2019) Exactly 11 years ago service charges for all depositories hit an all time high of $49.5 Billion. Since then banks are only 84% of their 2008 service charges while credit union have soared to 132% since the mortgage meltdown of 2008.
“For the first time ever the credit unions hit over $9 billion in service charge revenue,” states Michael Moebs, economist and CEO of Moebs $ervices, an economic research firm, who did the Service Charge Study.
Since 2008 service charges have fallen and are now $44.7B. Service charges as a percent of assets were 32 basis points (BP) of total industry assets in 2008. Now service charges in 2019 are only 22BP. READ FULL ARTICLE
Written By: m.moebs
Date Posted: 12/19/2019
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