Robert Allen, CEO of the 218,000-member, $4 billion Teachers Federal Credit Union, joined executives from Citibank, Bank of America and other banks to tell the Consumer Financial Protection Bureau how his CU and CUs in general handle checking accounts and overdraft protections.
The Long Island-based CU is one of the nation's largest and the CFPB has announced its intent to look at overdraft protection programs and fees.
Allen explained the credit union's courtesy transfer program, which allows members to have money moved from other deposit accounts to cover checking overdrafts to save members money. He also said that credit unions generally charger fewer and lower checking and overdraft fees.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
