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Michigan Credit Union League

New Filene Report Looks at Overdraft Protection Programs for Credit Unions

Overdraft protection (ODP) programs have become a reliable source of noninterest income for many credit unions. But in the wake of the COVID-19 pandemic and recession, many credit unions are eliminating or restructuring their ODP programs, as well as their fees and noninterest income mix overall.

Based on intensive interviews with 16 credit union leaders and a review of the ODP landscape, Filene’s newly released research report, Overdraft Protection Programs: Credit Union Best Practices, responds to two of the biggest questions facing credit unions leaders today:

1. How can credit unions reimagine overdraft protection?

2. Where else can they look for noninterest income to replace overdraft fees?

Sharing best practices and examples of how some credit unions have made small changes, substantial revamps or total elimination to their ODP programs, this report takes on the dual problems facing all credit unions: tight margins and managing overdrafts.

Contact Filene’s Senior Director, Research, Taylor C. Nelms to get more information on this topic.

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2022-01-14 00:00:00