Here’s what one new study has found

Credit unions and banks are moving in different directions when it comes to service charges on deposits, a new report reveals–and it may be costing credit unions when it comes to Millennials.

Credit unions’ total revenue for service charges on deposits soared 4.9% for the 12 months ending June 30, 2018, while during the same period total bank service charge revenue fell 1.7%.

The report indicates banks’ approach to deposit charges is winning over the most Millennial business.

The Moebs $ervices study, which covers business and consumer accounts, defines service charges as account fees, check cashing, overdrafts, penalties for early withdrawal, etc., but does not include swipe fees.


continue reading »