Operator
The next question will come from Ken Usdin with Jefferies. Please go ahead.
Ken Usdin, Jefferies
Hi. Good Morning guys. A couple of questions on the sea side. John, you had mentioned some of the tweaks you made in October on the service charge aside. So, I’m wondering if you can help us understand what types of changes those were, and then how you’re looking at the product set with regards to either payday advance and whatever pending rules, we could still get at some point next year on overdrafts, and if that would continue to have an impact on your deposit fees?
John Shrewsberry, Chief Financial Officer
So, what happened in October wasn’t a change in the product or what we charge for it. It’s rather, we unrolled some incremental technology that allows our customers to have more real time information to manage their own banking affairs. And they’ve been using that information and successfully reducing the amount of over drafting that they’re doing, which has had an impact on our revenue. We think it’s very customer friendly and we think it’s good for all of us. That’s distinct from any pricing approach or product approach that we’ve had.
Ken Usdin, Jefferies
Okay.
John Shrewsberry, Chief Financial Officer
You asked about short term or payday type lending. I think it’s clear that during 2014, we discontinued a product that we used to offer that was a direct deposit advance product that allowed people to borrow on a short-term unsecured basis with their next direct deposit paycheck as security for a source of repayment for the loan and some regulatory urging around that. I think most of the discussion around those types of products is now frankly outside the banking system because it’s private finance companies who are providing that and, that’s how it seems to be dealt with from a regulatory perspective. I’d also tell you that that discontinued product is out of the run rate at this point so the impact has been fully realized.
Ken Usdin, Jefferies
And then overdrafts?
John Shrewsberry, Chief Financial Officer
Hard to say much more about it other than we are not in the process of re pricing or re thinking the product capability. The results that you’ll see in our numbers are a reflection of the activity and behavior of our customers as they manage their own banking affairs.
Ken Usdin, Jefferies
Okay. Another question I had is just on the market related revenues. They’ve been trending a little bit lower, combined trading activity securities gains, equity investment gains, and that’s even with the student loan gain in that 354 number. Should we generically expect that you’ll still be able to generate this type of market related revenue, or is it more likely that you see that trend down over time?
John Shrewsberry, Chief Financial Officer
There is a lot of moving of moving parts there and I would look at a multi quarter average to think about how to model it. On the trading side, the customer accommodation, customer facing trading revenue that we make which is a pretty modest part of wealth Wells Fargo revenue profile, will probably have been in flow along the lines of what you are seeing in the industry, just at a more modest level. That trading line also includes the impact of our deferred comp hedging program so it’s a little noisy, given the magnitude of that versus the magnitude of our trading businesses. But those will be what they are based on industry factors and the deferred comp program will be more revenue and more expense in an upmarket and less revenue and less expense in a down market, generally speaking.
On the other elements, we’ve got gains from equity securities, gains from debt securities – in the equity space – you have seen some of the businesses that we’ve been involved in that frankly continue to be, are sources of revenue that we would anticipate seeing if market conditions stay the same as they are today, so I wouldn’t have modeled that down too heavily. On the debt side, given the levels of rates that we are at, and in some markets the levels of spreads that we’re at, there are some debt securities which it makes sense for us to sell and monetize from time to time, just because their market value substantially exceeds what we could imagine as their intrinsic or certainly their caring values so there would be pops in there from time to time as well, and it’s the some of those things that gets to that collection that you described.
