Economic and CU Monitor (Special Topic: Overdraft Protection) - November 2015

This month's special topic: 

Overdraft Protection

Overdraft programs have been subject to regulation in recent years, and could see further regulatory action in the coming years. Nevertheless, consumers continue to favor the service for the convenience and peace of mind that it provides. In 2009, the Federal Reserve required consumers to opt in to overdraft protection. Nevertheless, opt-in rates were generally high, with a Moebs survey estimating that among frequent users of overdraft, “almost all opted in.” Among all consumers in the survey, the opt-in rate was estimated at 60 to 80 percent. These results suggest that consumers prefer overdraft products to the alternatives. Respondents to NAFCU’s Economic & CU Monitor survey indicate that credit unions act in good faith in administering their overdraft programs, and that their members value the service.


NAFCU's Economic and CU Monitor is a NAFCU member-only monthly report of the latest macroeconomic and financial trends affecting today's credit unions, including trend data among NAFCU member credit unions.

 

 

 

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