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Time to Change Overdraft Policy
Created by host on 11/16/2021 9:30:54 AM

COVID-19 has dramatically changed how overdrafts operate reflecting consumer behavior.
At Moebs $ervices we summarize this in two statements:
Grandma bounces but Mom swipes; and
If you can’t stand the heat, get out of the Overdraft Kitchen.
This report is a recipe or overdraft plan for the rest of the decade.
Contact me to discuss how your plan is unique.
Happy Thanksgiving, Mike


It is Not If or When, but Now and How

Lake Forest, IL (November 16, 2021)   COVID has changed overdraft policy. From work at home to stay at home the consumer is much more aware of their finances.  Easy online access to move funds has shown paper checks drop to less than 7.0% of the total payment system. Grandma bounced but mom swipes. The payment system is rapidly changing as are overdrafts.
To woo the younger users of transaction accounts, formerly called checking, ODs need to change.
Yet, at $32.0 Billion in net revenue overdrafts are not going away. While some Senators and Representatives are calling for the demise of overdrafts, financial institutions hold the lever over this political challenge – indeed what if all depositories bounce all transactions and eliminate overdrafts entirely? Is the consumer better off?
So, what are the elements of an overdraft policy which are accommodating, reasonable, profitable, and fair to all? READ FULL ARTICLE

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