Insurance, Retail Investments Biggest Fee Income Lures
As the industry grapples with the expected drop in fee income once generated through debit card interchange fees, other areas may have the potential to make up for some of the losses.
According to the National Credit Union Roundtable Business Outlook Survey-March 2011, retail investments and insurance income are slated to experience the largest increase when it comes to fee income generation. Checking account fees and credit card interchange fees round out the list for the top producers.
Ironically, at 6%, retail investment and insurance income were among the lowest forms of noninterest income in 2010,Last year, NSF and courtesy pay fees were the largest generators.