Overdraft honor or courtesy pay, regardless of how much you charge, it is the feel good "drug" of the financial services industry. We all have become addicted to the fee income that it is producing and have adopted the mentality more is better. And we can't get enough and have become totally dependant upon it. Now, we are at the point that we might have it taken away from us. Shame on all us for not thinking member first, bottom line second. What should we do...get ahead of the legislation and do what is right for the member. Don't wait to be told what you should already know is the right thing to do. Build it now and go through the painful rehab process that it will take to get away from this fee. What's the first step in the process...admit that you have a problem? Hello, I am XYZ Credit Union and I am a fee addict.
Don't mistake my comments...members want this service and should be allowed to have it they want and financial institutions should be allowed to charge a fee for it. My premise is that members need to have more control on when, how and what is part of this program. That is true member advocacy.
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