When I read the recent editorial, "The CFPB Is Right About Overdrafts," I was shocked by its mistruths and inaccuracies.  The editorial seeks to condemn any credit union that offers overdraft services.  Moreover, it suggests that anyone who uses "overdraft" is uninformed or without other options.  The facts simply do not support these claims. 

Credit unions put their members first and are doing their part in ensuring that their members are knowledgeable consumers with regard to overdraft protection.  

Here are just a few facts to prove it:

• Nearly every respondent to NAFCU's June 2015 Economic and Credit Union Monitor survey offered an alternative to overdraft or courtesy pay programs- with overdraft lines of credit and linked savings accounts being the most popular.
• Over 80% of our April Economic and Credit Union Monitor survey respondents offer financial literacy geared at overdraft prevention. They also contact members who routinely overdraw their account.   And many members use overdraft as a tool for short-term credit-even when presented with other options.
• Nearly every respondent to our June 2015 Economic and Credit Union Monitor survey–97% –will reverse an overdraft charge or offer fee forgiveness on a case-by-case basis.
• Bankrate's 2015 Credit Union Checking Survey found that credit union checking accounts also tended to be less expensive than accounts at banks in several areas, including overdraft fees, which averaged $26.78 at credit unions versus $32.74 at banks.

Further, the customer satisfaction level of credit union members continues to be among the highest of all industries measured by CFI Group, according to the company's Credit Union Satisfaction Index 2015 released in Sept. 2015.  Also, according to PR Web, which covered the Consumer Reports January 2016 issue, members of credit unions, smaller traditional banks and primarily online institutions are more satisfied with their overall banking experience – 93% of customers being highly satisfied on average – than those who do business with one of the nation's largest banks. The 93% rating is among the highest-rated services Consumer Reports has ever evaluated.