The 52,000 member Co-op Services Credit Union, headquartered in Livonia, Michigan, will give bank customers $105 to shred their bank debit card and open a checking account at the CU.
“Unlike other financial institutions, we’re focused on giving our members better rates, added conveniences and more value,” said Anthony Carnarvon, president and CEO of Co-op Services Credit Union. “Co-op Services has never charged a debit card transaction fee and offers a free checking account with no monthly fees. That’s a much better deal than the outrageous fees that some banks charge, especially during difficult economic times.”
The credit union will give the bank customers the credit in a new account they open that has direct deposit. A website the CU has started to help publicize the effort also has a place for people to leave comments directed at the banks.
Co-op Services cited CUNA's estimate that the benefits of credit union membership are equivalent to $75 per member as well as the CUNA estimate that during the past year credit unions provided more than $6.7 billion in direct financial benefits to the country’s nearly 91 million members.