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Overdrafts created a revenue bonanza for credit unions in 2018, according to new research from financial institutions analytics company Moebs Services.

The Lake Forest, Ill.-based firm reported this week that for 2018, credit unions increased the average overdraft fee from $29 to $30 and made $6.9 billion in revenue from overdraft fees for the year, which was a 5.72% increase over 2017. The industry also recorded 2.19% more overdraft transactions during the year.

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