Study on overdrafts caused by debit transactions also finds courtesy pay services drastically increase fees paid by consumers.
A long-awaited overdraft report, released June 11, featured some unflattering statistics related to credit union overdraft income.
You can regulate the money out of the business, but you can’t regulate the personal responsibility out of the consumer. No matter what Washington does to keep credit unions and other lenders from taking advantage of the less well-educated, the desperate and the elderly, ultimately consumers have to take responsibility...
According to the report, while bank and thrift service charges on deposit accounts have declined since 2008, credit union fee income has increased by 15%.