Many credit unions find themselves behind the curve when it comes to eliminating overdraft fees. Financial institutions – big and small – are offering consumers alternative accounts that use debit cards rather than checks and eliminate all overdrafts and the fees that accompany them.

"In some cases, overdraft fees are becoming the airline baggage fees of the credit union industry," CU Wallet CEO Paul Fiore said. "Sort of a clever way to maintain competitive pricing and then pad the books by dinging the customer every time they turn around. It's certainly one way to go, but I think as interchange continues to decline, credit unions will be better served by creating new digital revenue streams that don't dip into the pockets of their members, but instead leverage the wealth of data they're already sitting on."

Referring to overdraft fees, Money recently reported that credit unions no longer offer customers an advantage over banks. According to the article, the average credit union overdraft fee is $29 compared to the average $30 bank overdraft fee.