Some credit unions have experienced a 25% to 40% drop in nonsufficient fund (NSF) and overdraft fee income during the coronavirus (COVID-19) pandemic, according to participants in a CUNA Finance Council chat session.
That’s due largely to fee waivers designed to assist members experiencing financial difficulties due to COVID-19. While most chat participants say they’ve resumed charging fees, others continue to offer fee waivers.
In addition, rising deposits have caused NSF fee income to drop, participants say.
Chat participants say they’re combating falling fee income by:
Members who use digital wallets love them, says one chat participant. “The key is prompting members to use credit union plastic as the first card in the wallet.”