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So you’re likely to lose a huge chunk of interchange and overdraft income, your credit union is going to pay out the wazoo in NCUA assessments and your net interest margin is upside down. Credit unions must dive into this new era of business feet first.

Eliminate free checking. Once you’ve given consumers something, it can be difficult to take it back, but rewards checking could make a fee easier for members to swallow. Pushing members toward online banking by setting e-statement and electronic transaction requirements could create such a cost savings that a fee might not be necessary.

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