Company says payment option not needed after credit and debit card relationships added.
Texas Trust Credit Union generates $110,000 for local schools through member participation in Spirit Debit Rewards program.
As credit unions learn more about new technology, they are some of the institutions leading the nation in the issuance of payment cards that use embedded computer chips to validate identity and secure transactions.
Recent announcements from Visa and MasterCard have set the stage for the U.S. implementing EMV/chip cards.
Credit union members whose debit cards carry the CO-OP Network logo will soon be able to use their cards at STAR Network POS.
Moving transactions from ACH, checks and cash to debit cards helps credit unions both reduce their costs and improve their revenues.
Texas Trust Credit Union polled 1,100 consumers ages 13 to 25 and found more than 72% relying on a debit card for primary access to funds.
The percentage of payments made by check keeps slipping.
Even a small fee on debit cards will lead consumers to abandon them in favor of other payment methods, including cash, checks and even credit cards, according to a recent survey.
The Federal Reserve's most recent update of its rule implementing the Durbin amendment makes it a bit better for most CUs but leaves most of their deep concerns about the measure untouched.