LAKE FOREST, Ill.—Checking accounts: they remain a traditional, core offering—for now. The market and competition is evolving, with the number of financial institutions offering free checking declining, overdraft revenue rising and community banks making inroads on credit unions in both areas.
That is just some of the extensive analysis shared in CUToday.info from Moebs Services, whose in-depth studies of national bank and credit union data reveal the changing landscape of transaction accounts.
To provide an overview of all of that reporting, and to help credit unions get their arms around what has long been considered the linchpin account determining PFI status, CUToday.info has compiled many of the top stories this year from Moebs Services’ analysis below.
4.5 Services Per Member, 65% Share Draft Penetration Lands HPFCU Among ‘Best In Checking’
Moebs $ervices recent Best in Checking study reveals why Houston Police FCU has one of the best CU checking offerings in the nation.
Banks, CUs Taking Different Approaches To An Old Favorite
Free checking offerings fell in 2015 to 59.3% of all financial institutions, down from a high of 81.5% in 2009. The decline represents a drop of 27.2%.
What One Study Reveals About Debit Interchange
A new study shows that the Durbin Amendment has yet to put a big dent into FIs’ total debit interchange revenue, with banks and credit unions amassing $18 billion in interchange in 2015—the highest total ever.
What One Analysis Has Found
Overdraft revenue continues to rise, according to a new study that indicates consumers are driving the increase rather than the CFPB or pricing changes or promotions from banks and credit unions
The Tactics Are Far From Identical
In battle for checking accounts, banks and credit unions are taking two very different strategies, according to one economist who believes that in the end consumers are coming out on top.
What One Analyst Says CFPB ‘Warning’ On Checking Reveals
The CFPB’s warning to banks and credit unions about their checking account “obligations” is actually good news, according to one economist, who says the move indicates the Bureau is letting FIs police their own checking offerings and is also turning away from a sharp focus on overdrafts.
Decisions Ahead For CUs On Their Overdraft Pricing—Which Is Now Even With Banks’
Credit unions’ median overdraft price is now on par with banks’, a new analysis shows.
Why It's Time To Address Checking Features
Credit unions lead banks in offering free checking, but they trail their counterparts—particularly community banks—in offering more account-friendly features such as daily overdraft limits and de minimis pricing, a new study shows.
Why Less Is More When It Comes To OD Dollars
Just as overdraft revenue has hit record levels at banks, thrifts and credit unions—so too has OD volume, a new study has found. That same study also reveals that more community banks and large CUs are cutting overdraft price to increase income.
Why Community Banks Are Beating CU OD Pricing
In a significant portion of the market, credit unions have lost their fee advantage on overdrafts.