Overdrafts Rise Like the Phoenix
As seatbelts changed how we ride in cars,
COVID has accelerated a total revamp of overdrafts in checking accounts.
Credit Unions Lead the Way in the OD Resurgence
Lake Forest, IL (March 29, 2021) 2020 Overdraft revenue at $31.3B is the lowest since 2005.
Economic research firm Moebs $ervices (M$) in its annual report on ODs also shows the lowest number of OD transactions in 28 years since 1998. Plus the fewest yearly ODs per checking account ever.
“Consumer OD behavior has totally changed,” notes Michael Moebs CEO & Economist for M$, “and banks, credit unions, savings banks plus Fintechs need to adjust strategies or see their consumer transaction accounts (formerly called checking accounts) fade along with a reduction of fee revenue.” READ FULL ARTICLE
Written By: m.moebs
Date Posted: 3/29/2021
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