Credit Union Podcast - Overdraft Protection
Listen to the latest Credit Union Podcast with host Dick Ensweiler and special guest Carolyn Jordan, senior vice president at Neighborhood Credit Union in Dallas, for this thought-provoking discussion about a product hailed by some as a lifesaver, and opposed by others. The duo will also get to the root of the issue, and that is financial literacy, or the lack thereof.
Join the conversation. Shout back and share your thoughts about credit union overdraft protection.
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ODP and the fees associated with it is something that we are looking into at the CU I work for. Though ODP fees are a good source of income, the public has a very negative view of them. I recently did research on what larger sized CU in TX charge for ODP/NSF fees and found that the CU with probably the highest customer loyalty had very low fees.
Here is an interesting article I found at huffingtonpost.com talking about ODP fees and you can tell from the comments how the public feels about them.
http://www.huffingtonpost.com/2009/10/05/as-economy-crashes-banks_n_310565.html
The comments show a very high support rate for CUs > banks and some people also talk about some stories they have been though involving ODP fees. One that caught my attention was how some financial institutions will do all of your withdrawal transactions before your deposit transactions when processing your daily activity so that even if you deposited money at the beginning of the day and were shown to have a positive balance, you got ODP fees.
Freddy Croft