Credit Unions' Overdraft Revenues Dip for First Time in 5 Years
Tina Orem, in a July 1, 2019 article in cutimes.com, reports that overdraft fees for consumers may have hit a breaking point.
This is a significant issue in that consumers may be pushing back on paying fees for over-draft privileges. Credit unions depend on these fees to remain profitable. Managers should track changes for each source of revenue and every expense on a monthly basis and compare these numbers to projections.
TCT Risk Solutions has a number of management tools useful for tracking profitability and goal achievement. One such tool TCT clients find helpful is its Vital Signs monthly report, where a number of key data are tracked and progress can be assessed in a matter of minutes.