Reputation Risk - Bank Fee Edition; NCUA Webinars
Written by Steve Van Beek
A consistent hot topic for consumer articles and the financial press are stories on new or unique bank fees (or increased fees/death of free checking). Â I expect these stories to not only continue but to expand with the new Consumer Financial Protection Bureau starting its full operations later in July. Â
A helpful reader passed along this CNNMoney article/slideshow on the "9 most annoying bank fees." Â As overdraft fee and interchange income decrease, these types of fees will continue to pop up as will general fees for checking accounts.
Credit unions are not immune to these pressures. Â New and future regulations have and will dramatically impact current business models. Â However, if your credit union is thinking about instituting a new fee or raising existing fees - do not forget to review the reputational risk. Â Analyzing how a new fee is viewed by your members or how it would look if reported in your local paper is a valuable tool. Â Â Â
Market Yourself. Â If your credit union does not charge these types of fees (or charges lower fees), don't be shy. Â Let your members know they can turn to your credit union if they are frustrated with their current institution. Â Â
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The latest NCUA webinars on the Voluntary Prepayment proposal and Current ALLL Exam Issues are available as archived versions.Â
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After seeing Sarah's great wedding photos, my fiancé and I have our work cut out for us this weekend as we work on our wedding plans.  Luckily, I was able to pull the trigger on an important detail last weekend: the beer selection.Â
Have a great weekend! Â