Non-Interest Performance Depends on Right Balance: Onsite Coverage
BOSTON — Credit unions that want to improve their non-interest income numbers need to strike a balance between reversing all fees and taking a zero-tolerance approach, according to CEO Paul Muse of the $580 million 1st Advantage FCU.
The leader of the Yorktown, Va.-based institution discussed his credit union’s non-interest income strategy during a Thursday breakout session at NAFCU’s 46th Annual Conference in Boston.
Financial institutions that irresponsibly fee customers not only create a public relations and regulatory nightmare for themselves, they affect the entire financial services industry, the Filene researcher said.
He referred to the results of a 2012 Filene study that explored how credit unions can bring in more non-interest income revenue while adding value for members.