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Mobile devices and apps have contributed to a 31% drop in the average annual number of overdrafts per checking account, according to a new study from financial institution research firm Moebs Services.

According to the Lake Forest, Ill.-based company, the average checking account experienced three overdrafts per year in 2018 compared to 4.4 in 2003. The drop is associated with the spread of mobile banking features and apps that alert customers about low account balances, suspicious card activity, bill due dates and other potential issues that could generate overdrafts.

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Tina Orem


Credit Union Times

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