Fresh approaches to revenue generation
Dort Financial CFO Jeremy Zagar strives to diversify income sources.
Pressures on noninterest income are leading finance leaders to seek out new revenue opportunities, says Jeremy Zager, chief financial officer at $2.3 billion asset Dort Financial Credit Union in Grand Blanc, Mich.
Zagar will address America’s Credit Unions’ 2024 Finance Council Conference in Orlando. He explains how Dort Financial is diversifying its sources of noninterest income to reduce reliance on overdraft protection revenue and support the bottom line.
America’s Credit Unions: How long have you been diversifying your income sources?
Jeremy Zagar: It started about 10 years ago. We’re a low-income credit union, and we noticed we had a disproportionately high number of overdraft and nonsufficient fund (NSF) fees as a percentage of our total income. So, we started to see what we could do to diversify to make sure that, should overdraft go away, we’re protected.
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