SAN DIEGO–A news outlet that has extensively covered overdraft and NSF fees among California’s credit unions—including reporting that has led to congressional calls for investigations—has turned its sights on the newly released data on large, federal credit unions and their overdraft income.
As CUToday.info reported here, NCUA recently released the first-ever compilation of data on OD/NSF fees at the 443 credit unions of $1 billion or more in assets, finding $915 million in such revenue was collected during Q1.
In its analysis of the numbers, KPBS reported, “The nationwide assessment reveals how some of them have grown reliant on these fees as a source of revenue — despite their nonprofit, friendly-neighbor image.”
Board Member Quoted
The report also cited comments made by NCUA Board Member Tanya Otsuka during a media call that “An overreliance on any one revenue stream — including overdraft and [non-sufficient fund] fees — can impact the financial health of a credit union, their members, and the system as a whole.”
In looking at the NCUA data for credit unions based in San Diego County, KPBS said San Diego County Credit Union generated more than $4 million in overdraft revenue in the first quarter of 2024. The news outlet cited its earlier analysis of California data, which showed SDCCU collected nearly $18 million in overdraft fees in 2022, more than any other state-chartered credit union based in the county.
Other CUs’ Numbers Cited
The KPBS report also pointed to:
- Mission FCU, which collected less than $600,000 in overdraft fees in the first quarter — “putting it low on the list compared to its similarly sized competitors nationwide.”
- Virginia-based Navy Federal Credit Union, which has a large presence in San Diego County, and which during the first three months of 2024 generated nearly $170 million in overdraft fee revenue nationwide. The report noted Navy FCU is also by far the country’s largest credit union.
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