Bank of America made official last week what many anticipated when a spokesperson acknowledged that it will no longer issue credit cards in agent relationships with credit unions and smaller banks.
The bank has stopped issuing credit cards with between roughly 40 and 50 credit unions.
Credit unions which currently issue cards with Bank of America have also been told that their contracts will not be renewed after they expire.
Bank of America alone is in danger of losing 10.3% of its retail customers over the next 12 months, study says.
Big bank says no deposit balance information until its next financial report.
Bank COO says "we are not currently charging the fee and will not be moving forward with any additional plans to do so."
Credit unions hope the growing consumer anthem of “We’re not gonna take it,” over the latest debit card bank fees, has those consumers primed to make a switch.
Credit unions across the land are “seizing this marketing opportunity”, as CUNA officials put it Tuesday, to take advantage of the favorable industry media coverage following the announcement of Bank of America’s $5 monthly debit fee.
The issue of revenue that banks and credit unions make from transactions on their debit cards moved from the obscure corners of the financial services industry into the national spotlight last week as the Federal Reserve's debit interchange cap came into effect.
Tinker FCU buys one drive-through site from banking giant.