Recent credit union hot topics included the Wendy's malware discovery and the ongoing overdraft fee debate. Find out what CU Times readers had to say below.

OK, so we return the overdrafts so the credit union charges no fee. How much does the retailer charge? Much more than the credit union. Or they send it to the county prosecutor. Overdrafts do the member a favor. We can talk and talk and talk about education. Some people do not want to change their behavior. You know the old "you can lead a horse to water" thing. They know the fee is there and they use it intentionally.

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—Old Captain

Perhaps the author knows credit unions cannot own a business that is not related to financial services. And that revenue must be generated to cover the government-mandated expenses relating to compliance, BSA and AML. He presumes that all these fees hit lower-income people specifically. As others have stated, I have experienced as a compliance professional at three larger credit unions that even well-to-do folks (based on income) use the service. A good income in some states is low-income in states like California and New York. Housing is much more expensive in some areas than others. Most fees are avoidable by consumers. NSF and/or Courtesy Pay fees are 100% avoidable by the consumer. The consumer may not like the results, but, nobody at the credit union (or bank for that matter) is forcing the consumer to use the service.

—JustAPlayer

Let me guess … you have never worked at or run a tiny credit union. I have. Let me give you a scenario: Long-time members. One is an RN and one is a corrections officer. Their combined income is $130,000 per year, and they have two young children and three loans with us: New car, new camper and unsecured personal. Mid-range FICO. They take a big vacation every spring and summer. They overdraw their checking account every single week. Knowingly and willingly. Thank us for clearing them into the negative and not returning anything. Get a huge tax refund in February and it is gone by March. They paid more than $2,000 in courtesy fees last year. How is this "predatory"? How are they "vulnerable"? I have a lot of low-income members. Very few of them "bounce" checks or overspend. They know they don't have money, so they are content with used cars and no vacation. There is no "one size fits all" to the wonderful world of overdraft and courtesy pay.

—Ellen Drollette

 

I think that is a bit premature of the Florida man to initiate a lawsuit. Just because he made a purchase at a Wendy's and had fraud does not mean his card was compromised there, it could have been at a number of places.

—Rebecca

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