Texas League Plugs CU ‘Free Checking’
Joining in the industry blitz apparently in advance of Bank Transfer Day, the Texas Credit Union League Monday touted the record of Texas CUs offering free debit cards noting that nine out of ten offer them “and eight out of 10 offer free checking.”
Of those that charge a fee “often the modest annual fee” is $10 coupled with rewards or other savings embedded in the program, said the league.
The league said “credit unions of all sizes” in the state are now witnessing new interest from consumers as a result of the new bank fees with a suggestion that interested consumers turn to the CUNA’s website, www.asmarterchoice.org.
CUNA, meanwhile, said it could not say whether the apparent lessening of new debit fees last week by Bank of America, Wells Fargo and Chase might alter the vigorous CU campaign to get consumers to switch accounts before or after Nov. 5.
“However, given all of the media coverage, it would make sense that credit unions continue to plan and in fact, we know many consumers have already moved their money to credit unions – thousands of members and tens of millions of $$ of their savings,” said a spokesman.
Also issuing new reminders to consumers about the ease of making a switch, NAFCU noted that at some CUs “you can open an account for as little as $5.” NAFCU encouraged consumers to “find a credit union to join at www.CULookup.com.”