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NAFCU President and CEO Dan Berger underscored credit unions' focus on ensuring their members valuable services at reasonable cost in his Feb. 5 reply to a Credit Union Times editorial criticizing the institutions' offering of overdraft services.

Berger said the Feb. 4 editorial, "The CFPB Is Right About Overdrafts," contains "mistruths and inaccuracies," suggesting "that anyone who uses ‘overdraft' is uninformed or without other options." He says the facts show otherwise. For example:

• 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.
• In an April Economic and Credit Union Monitor survey, more than 80 percent of respondents said they offer financial literacy geared at overdraft prevention. They also contact members who routinely overdraw their account.Many members also use overdraft as a tool for short-term credit-even when presented with other options.
• 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.

"Credit unions – by design – are pro-member," Berger wrote. "The fact is, providing financial services comes at a cost. But credit unions provide the best service and at the best rate – for the benefit their members. This is something to be proud of."