Report shows consumer overdraft fees on the rise

A new report not only shows that overdraft fees are on the rise, but attributes that increase, in part, to credit unions raising fees. The report by financial research firm Moebs Services says overdraft fees increased to $34.3 billion in 2017, up three percent from 2016’s total. Moebs Services says more consumers are not overdrawing, […]

A new report not only shows that overdraft fees are on the rise, but attributes that increase, in part, to credit unions raising fees. The report by financial research firm Moebs Services says overdraft fees increased to $34.3 billion in 2017, up three percent from 2016’s total.

Moebs Services says more consumers are not overdrawing, but the amount of fees has increased.

A New York Post article says, “The average overdraft fee at a bank is now $30, up 50 percent from $20 in 2000. Credit unions, typically lauded for their consumer-friendly practices and prices, aren’t far behind. The average overdraft fee at a credit union almost doubled over that period, reaching $29, up from $15 in 2000.”

Read the full article here.

 

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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