Overdraft revenue for CUs dropped 5.3% in Q1. (Source: Shutterstock)
For the first time in five years credit unions experienced a year-over-year drop in overdraft revenue for the first quarter, suggesting that overdraft fees have risen to a breaking point for many members, according to new data from financial institution research firm Moebs Services.
Overdraft revenues at credit unions and other financial institutions for the first quarter of 2019 were $700 million lower than they were in the first quarter of 2018, according to the Lake Forest, Illinois-based company.
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