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Credit Unions Cashing In On Banks Charging Debit Card Fees

The Associated PressCharlotte, NC — Credit unions in North and South Carolina are reporting a big bump in phone calls and new members in the weeks since behemoth neighbor Bank of America riled depositors with a $5 monthly debit card fee.

Several credit unions have sought to capitalize on the consumer discontent by launching advertising campaigns promoting their no-fee offerings, The Charlotte Observer reported Wednesday.

Charlotte Metro Federal Credit Union has seen a 350 percent increase in accounts created online and a nearly doubling of calls, chief operating officer Nicol Morris said.

“They are extremely fed up with the continued talk about fees, whether it’s in regard to checking or the debit card fee,” she said.

Lancaster, S.C.-based Founders Federal Credit Union is touting its free checking and debit cards in newspaper ads and on social media sites. People leaving big banks have been opening accounts daily, marketing senior vice president Nicki Nash said.

We’ve gotten great response,” Nash said. “They’re relieved that we’re not looking to charge for that.”

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