With all of the focus on overdraft protection plans, also often known as courtesy pay or bounce protection, in Congress and in the press, we thought it would be interesting to see what credit unions might be affected if new laws come about to prevent unscrupulous practices. Here’s what we found for statistics provided by CUNA . . .
- 3 out of every 4 credit unions, about 75%, offer share drafts to their members.
- About half (52%) of those credit unions also offer automated overdraft protection programs.
- The likelihood of a credit union offering automated overdraft protection increases in proportion to the asset size of credit unions.
- Of those credit unions charging a fee for automated overdraft protection, their fees range from $1 to $38, with the median being $25, which is unchanged from one year earlier.
- By comparison, overdraft fees among the largest 10 banks have increased 15% since 2005 and average nearly $35, according to a survey conducted by the Consumer Federation of America.
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