Huge Fall in Overdraft Revenue
The first half of 2020 moves ODs to lowest in 15 years. Will Overdrafts continue to fall? Answer below . . .
OD Transactions Fall to Lowest in 15 Years
Lake Forest, IL (September 28, 2020) Overdraft Revenue fell $4 Billion in the first half of 2020. OD transactions fell to less than 1 Billion for the first time since 2005. Overall median OD price stayed the same at $30. “Many will say this is a result of the coronavirus,” says Michael Moebs, CEO & Economist for Moebs $ervices, an economic research firm. “Yes, but the American consumer and small businesses are voting with their dollars and saying price is very important.”
There are over 11 million who are unemployed or working from home due to pandemic lockdown. All in unemployment is 14.2%. Gas is low at $2.19 a gallon as of today as the Arab nations uses COVID to adjust oil supply to eventually drive prices up. A gallon of milk today is $3.55 with a pre-COVID price of $3.85 but with huge spikes in the past six months as every parent would report – all due to supply chain disruptions. SBA-PPP and super-charged unemployment benefits has helped the consumer, but more is needed. Banks and CUs have issued waivers to loan payments and fees. READ FULL ARTICLE
Written By: m.moebs
Date Posted: 9/28/2020
Number of Views: 72