Credit Unions Raising Overdraft Fees Faster Than Banks, Report Says

July 8, 2013
Washington Post 
overdraft news

Although the overdraft fees charged by credit unions are lower than those charged by banks, a new report from Moebs Services, based on overdraft data from close to 3,000 banks and credit unions, reveals that credit unions have increased overdraft fees at a faster rate. For the past four years, the median overdraft fee charged by banks has held steady at $30. However, in the past two years, credit unions have boosted their overdraft fees to $28 from $25. Experts say credit unions are boosting fees to offset a decline in the number of consumers overdrawing their accounts and in response to pressures related to mortgage-backed securities losses and declining net interest margins.
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