Michael Moebs (speaker at this years conference in Fort Worth) says "Operating Efficiency Will Be Key"

LAKE FOREST, Ill.—Not since Congress passed the Truth-In-Savings Act in the early 1990s has there been so much change in the overdraft market as what has taken place this year, says one economist, who adds credit unions need to respond with big cuts to their own overdraft pricing and by making large improvements to operating efficiency—or watch Walmart walk away with members.



Michael Moebs, economist and CEO at Moebs Services and who has spent considerable time analyzing overdraft practices, noted that not only is the overdraft market seeing a potentially significant shift but Washington has its eyes https://www.cutoday.info/Fresh-Today/Contentious-Moments-as-Senator-Grills-Bank-CEOs-Over-Overdraft-Fees on overdrafts, as well.

The Stop the Overdraft Profiteering Act was also recently introduced in the Senate.

“From Congress to consumers swiping debit cards across America, overdrafts are hot,” said Moebs. “PNC Bank led the way in April by introducing https://www.cutoday.info/Fresh-Today/PNC-Bank-Intro-s-Low-Cash-Mode-Says-It-Could-Save-Customers-Up-to-150M-in-Overdraft-Fees-Annually Low Cash Mode, an innovative payment feature allowing the consumer to choose which transactions to approve for overdrafts. And then, in early June, Ally Bank reduced their overdraft fee to zero.”

Two More Follow Suit Moebs pointed out Walmart soon followed in late June by rebranding its re-loadable MoneyCard as a new checking account ---Read Complete Story HERE