Overdraft revenue fell nearly $1 billion for credit unions, banks and thrifts in first quarter 2013, according to the latest quarterly study on overdrafts by Moebs Services, a Lake Bluff, Ill.-based economic research firm.
Total deposit service charges fell on an annualized basis 2.9%, which is the first quarterly fall since the fourth quarter of 2011 and only the second time in two years.
The Moebs study also shows that while population, household formation and newly opened checking accounts continue to grow, overdraft transactions fell to the lowest level since 1999. Moebs has studied OD Revenue since 1992.
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