BoA $5 Fee Spurs Michigan Media Outreach
The Michigan Credit Union League was getting out the credit union message the weekend after the new debit interchange rules took effect and hard on the heels of Bank of America’s new $5 monthly debit charge.
The league said it issued localized press releases Monday touting Bankrate.com data showing “more than 90% of credit unions including those in Michigan still offer free checking compared with 45% of banks.”
Moreover, CUs “also pay less for using a debit card out of network. According to Bankrate.com, banks charge their customers an average of $1.41 for using an out-of-network ATM, on top of additional charges by the ATM’s bank. In comparison, credit union members pay around 99 cents for using an out-of-network ATM,” said the league.
The league stressed that CUs are part of a “nationwide network of 28,000 ATMs located in virtually every town in the country.”
The league’s missive noted that large banks are boosting fees because revenue from swipe fees “has dried up.”