ORLANDO, Fla.–Credit unions must bolster fee income while not increasing expenses, which can be accomplished through better service, Bill Strunk of Strunk & Associates said.

"The efficiency ratio is the number we have to manage to…" he offered during Credit Union Times' conference here on non-interest income. "The key is to give the member what they want."

Strunk emphasized that members know that they are not supposed to write bad checks but they do anyway. "The problem is, we get a little moralistic about this thing," he said. The member would rather have their check covered temporarily for one fee rather than face up to $85 in fees from merchants and the financial institutions involved–not to mention the embarrassment.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.