Credit unions considering their options in the face of a gradual debit interchange decline might evaluate Kelly King's recent comments.
King is CEO of BB&T, a major regional bank headquartered in Raleigh, N.C.
King told reporters covering the bank's most recent financial results that the institution was moving away from free checking accounts and suggested that banks charge fees for using their debit cards to make up for the loss in interchange income from the Durbin Amendment.
King anticipated a fee of $25 per year for debit cards, suggesting it could be paid all at once or as $2 per month charge.
Surveys have indicated that many consumers will stop their use of debit cards if they are required to pay a fee for them.
