Moebs urges credit unions to be safe havens
from "Where's the honor in overdraft services?" by Michael Moebs, Credit Union Times, 03/19/03
In a response to recent news articles criticizing some banks' overdraft services that charge customers exorbitant fees, Mike Moebs urges credit unions and banks to implement OD services that are a clear benefit for the consumer (as well as an income-producer for the institution).
In today's busy world where only 13% of Americans balance their checkbooks regularly, people need all the help they can get, from an institution they can trust. A credit union should ask itself these questions: Are the overdraft fees we charge reasonable? Do the limits we've set meet the needs of our members? Can the program stand alone, without relying on enticement programs, such as free checking, to boost income? Are consumers free to refuse the service and avoid the corresponding fee? Credit unions should provide a safe haven for people to manage their money at reasonable prices—not take advantage of them.
Written By: vhorizon
Date Posted: 10/24/2005
Number of Views: 2890