Credit Unions Just Say "No" To Debit Card Fees Credit Unions Online
Just when jaded consumers thought they had "seen it all" with big bank fees, Wells Fargo started a new trend--debit card fees. Beginning in October, the mega-bank plans to "test" a $3.00 monthly debit card usage fee in Georgia, New Mexico, Nevada, Washington and Oregon. JPMorgan Chase (Wisconsin) is toying with something similar as well. The new fee arrives on the heels of recent financial regulations being imposed on the industry as a way to offset lost income. The Durbin Amendment limits the amount of interchange income a financial institution can glean from credit and debit transactions, which has some financial institutions scrambling to recover. While the credit union industry has watched this evolve, most credit unions are searching for other ways to make up for lost income. However, many credit union executives understand the path Wells Fargo and other mega banks have taken. Mike Corwin, AVP/PR & Business Development at OSU Federal Credit UnionRefinance Help. Fill this form and get help!
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