Consumer Depository Fees Take a Hit
Even though the consumer is internet buying while stuck at home swipe fees and ODs are down.
Yet, now is the time to lower fees for banks and credit unions and make more revenue.
Your comments always welcome.
Coronavirus Causes More than Rate Damage at Depositories
Lake Forest, IL (May 18,2020) Swipe fees, or interchange at depositories, are taking a hit at banks and credit unions. Depository fees are down about 15% across a broad spectrum of fees, notes Michael Moebs, Economist & CEO at Moebs $ervices, an economic research firm. The drop in fee usage includes everything from overdrafts, new loan fees, deposit fees such as fees for falling below minimum balances, and even cashier checks.
With state and municipal lockdown orders to avoid the spread of the CORVID-19, stay-at-home consumers are purchasing only groceries and essentials. “From clothing to gas to eating out and a whole lot more, consumer purchases are way down reflecting lower swipe fees at depositories,” says Moebs. Read Full Article
Written By: m.moebs
Date Posted: 5/18/2020
Number of Views: 99