Credit unions may have "won the lottery" as a result of the big banks' giant misstep in pursuing debit fees but the fallout may be short-lived and is not one the industry garnered entirely on its own, according to Boston analyst Ron Shevlin.
"Certainly credit unions do not have to feel guilty about earning this great big pile of money," maintained Shevlin, a senior analyst/researcher with the Aite Group. But, said Shevlin, they should recognize the windfall came to them "not for who they are but for who they aren't."
"To me that's kind of sad," said Shevlin suggesting that these kinds of funds may "walk out the door" and become short term after the hoopla over this Saturday's Bank Transfer Day comes to an end.
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