Comments on: Payday Loans: Steve Straughter’s “Alternatives” Don’t Add Up http://www.bloggernews.net/121827 High-quality English language analysis and editorial writing on the news. Thu, 16 Feb 2012 08:37:31 +0000 http://wordpress.org/?v=2.3.3 By: Lawrence Meyers http://www.bloggernews.net/121827#comment-1378172 Lawrence Meyers Mon, 10 Aug 2009 23:00:21 +0000 http://www.bloggernews.net/121827#comment-1378172 dsandweiss: You are utterly mistaken. What you claim is the standard CU talking point, which is designed to mislead and is entirely FALSE. The CU isn't "teaching" anything. It's about collecting revenue, period. A simple read of the Nov 2008 FDIC report clearly shows that 80% of credit union fee comes from NSF and overdraft charges: http://bretton-woods.com/media/2008$20NSf-ODP$20Study$20Update$20$20March$2020$2C$202009.pdf Note page 9 of this independent study by Bretton Woods. in addition, note that Credit Unions utilize the same tactics as banks do in an effort to boost ODP/NSF fees (page 11). dsandweiss:
You are utterly mistaken. What you claim is the standard CU talking point, which is designed to mislead and is entirely FALSE. The CU isn’t “teaching” anything. It’s about collecting revenue, period.

A simple read of the Nov 2008 FDIC report clearly shows that 80% of credit union fee comes from NSF and overdraft charges:

http://bretton-woods.com/media/200820NSf-ODP20Study20Update2020March20202C202009.pdf

Note page 9 of this independent study by Bretton Woods.

in addition, note that Credit Unions utilize the same tactics as banks do in an effort to boost ODP/NSF fees (page 11).

]]> By: dsandweiss http://www.bloggernews.net/121827#comment-1377888 dsandweiss Mon, 10 Aug 2009 14:06:21 +0000 http://www.bloggernews.net/121827#comment-1377888 Mr. Meyers is in error regarding the source of credit union income. Though overdraft fees can be a source of income, it is certainly not the largest nor the only source. Like banks, credit unions earn income through loan interest, ACH charges when a member uses a debit or ATM card and sometimes through short term investments. Unlike banks, credit unions return any "profits" back to the members through lower loan rates or higher deposit rates. In addition, credit unions generally use overdraft fees as a teaching tool for members, working to get them to eliminate the bad habit of not tracking their accounts. Mr. Meyers is in error regarding the source of credit union income. Though overdraft fees can be a source of income, it is certainly not the largest nor the only source. Like banks, credit unions earn income through loan interest, ACH charges when a member uses a debit or ATM card and sometimes through short term investments. Unlike banks, credit unions return any “profits” back to the members through lower loan rates or higher deposit rates. In addition, credit unions generally use overdraft fees as a teaching tool for members, working to get them to eliminate the bad habit of not tracking their accounts.

]]> By: StockAnalystAndy http://www.bloggernews.net/121827#comment-1377521 StockAnalystAndy Sun, 09 Aug 2009 17:35:23 +0000 http://www.bloggernews.net/121827#comment-1377521 Mr. Straughter is not capable of engaging in debate. He lacks the intellectual skills and is clearly driven by ideology. Mr. Straughter is not capable of engaging in debate. He lacks the intellectual skills and is clearly driven by ideology.

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