Add another credit union to the list of those offering consumers an alternative to bank-issued debit cards which often have fees attached.
The 86,000-member, $825 million Arkansas Federal Credit Union has announced that it will not impose any fee for using a debit card for at least three years.
“We currently do not have any plans to charge a debit card usage fee now or anytime in the future…in fact, we’ll go one step further and guarantee no debit card usage fees for at least the next three years,” said Larry Biernacki, CEO at the Jacksonville-based institution.
“As long as I’m in charge, no Arkansas Federal member will pay a monthly fee to use our debit card,” Biernacki said.
“We’re a member-owned financial cooperative. It doesn’t make sense for us to charge our members a fee for monthly debit card usage,” he added.
In the wake of the announcements of debit card fees by many banks, credit unions across the country have adopted a wide variety of approaches to welcome consumers seeking free or reduced fee products and services.