Big national banks are known to hit customers with overdraft fees, bounce checks, ATM Charges and late penalty charges. In 2008, banks collected over $35 BILLION dollars just from overdraft fees. Now Credit Unions are getting into the act.
Traditionally credit unions offer lower fees and better support for its member. But with dwindling revenues, more credit unions are getting creative in generating more revenues from their customers. Last year the credit unions earned $6.6 billion in overdraft income nearly one-fifth of the $36.7 billion earned in all financial institutions, according to Moebs Service report.