Financial institutions are now making more in credit card interchange than they are in overdraft fees, and experts said it's a sign that it may be time for credit unions to take a harder look at how much revenue weight their card programs should pull.
According to new data from the Lake Forest, Ill.-based economic research firm Moebs Services, 2016 was the first time credit card interchange, which hit $33.8 billion at year end, surpassed overdraft revenue, which totaled $33.3 billion.
“This is a major shift in how depositories have collected fees for decades,” Moebs Services Economist and CEO Michael Moebs said.
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