For the last few decades, credit unions have been relying on fees to supply the bulk of their noninterest income – but that era is likely coming to an end.

According to CUNA, fee income has been on the decline for the last seven years. As Americans begin to dig out of the recession, many are no longer incurring late payment and overdraft charges. The growth of online and mobile banking tools has also made it easier for consumers to keep track of their finances and avoid penalties whenever possible.

Fees have never been popular with credit union members. According to the 2015 Consumer Banking Insights Study, 25% of consumers feel scammed by the fees their bank charges. When it comes to choosing a financial institution, a full 93% say few or no fees on checking and savings accounts is an important factor.

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