As many major FIs tack on new debit fees post-Durbin, USA Today reports some small banks and credit unions are pandering, even offering to pay, frustrated customers to switch to their respective service.
• After Bank of America announced it would charge customer who pay with debit $5 per month, Co-op Services Credit Union of Livonia, Mich., began offering $105 to new customers who “shred their old debit cards and open new accounts with direct deposit,” according to USA Today
• Renasant Bank of Tupelo, Miss., has put out a new ad in several Southern cities with the headline: “Does your bank charge for debit cards? We don’t.” “It’s our window to get some deposits,” says John Oxford, spokesman for Renasant.
• “FirstBank Colorado of Lakewood, Colo., recently launched an interactive campaign that encourages consumers to send a text with the name of their bank,” reports USA Today. “FirstBank will then provide information on that bank’s fees. FirstBank is using the campaign to promote the fact that it offers free checking with no minimum balance, says Dave Baker, president of FirstBank.”
• Randolph Brooks Federal Credit Union will actually be raising the amount its customers can earn for purchasing via debit. “Through the end of the year, RBFCU will pay 15 cents, up from 10 cents, each time a member uses his debit card,” reports KSAT.com. “Member-owned, not-for-profit credit unions have been booming in recent years. Randolph Brooks Federal Credit Union is enjoying a record-setting year for new memberships, according to Sonya McDonald, senior vice president of marketing.”
• The number of visits to the National Association of Federal Credit Unions’ credit union locator site has jumped more than 200% in the past week, spokeswoman Patty Briotta says.
Watch the video below for more details or click here to read the full article.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More