Bank of America Fee Flap Brings Bounty to Randolph Brooks
By coincidence, the $4.8 billion Randolph Brooks FCU of Texas is reaping a new account surge—600 openings in two days-- as a result of Bank of America’s $5 debit fee, CU officials said Friday.
Like other CUs enjoying the windfall, Randolph Brooks said however it had not really acted because of the Bank of America announcement last Thursday but its timing could not have been better for its debit rewards program.
A week ago the CU located in Live Oak, a San Antonio suburb, increased its debit member giveback from 10 to 15 cents per transaction as a gesture to “demonstrate our success over the last year,” said Sonya McDonald, senior vice president-marketing. The extra 5 cents was applicable to usage ending Dec. 31.
“It certainly was a record-breaking weekend,” said McDonald noting the pace has continued with a spike of new accounts each day adding, “on average we would be opening 156 per day and the last three days it has climbed to 260.”
McDonald attributed the increases to the Bank of America announcement as well as those of other large and regional banks.
Last year the Randolph Brooks dividend payout reached $5 million”and it looks like $7 million for this year.”
In its original release, the CU noted that it was acting to support members “given the current financial climate.” The CU called its program “unique and is expected to be appreciated by members.”