On October 1, the Durbin Amendment was passed, capping how much banks can charge retailers for swiping debit cards. To compensate for lost revenue, banks such as Bank of America and Regions announced their plans to charge a monthly debit card fee ranging from $4 to $8.
Customers were left wondering, “Why should I have to pay to spend my money?” No one understood, people became irate and a bank-fee revolt called Bank Transfer Day was started.
This past week, banks chose to eliminate the fee. While this news eases the burden on customers’ wallets, questions still remain: The fee is gone for now, but for how long? Where are the banks going to make up that lost profit?
As you probably know, credit unions are not-for-profit financial cooperatives that provide an effective and viable alternative to for-profit banks. They exist to serve their members, providing a safe place to save money and access affordable loans.
Orion opened its doors in 1957. Since then, the goal has always been the same. To provide our members with the financial tools they need for every facet of their life.
Here at Orion, we never charged a debit card fee. We are committed to maintaining a free checking option and if you get an auto loan at Orion, your first payment is on us– because at Orion, members, not profit, come first. And they always will.
Come check us out; we have nine area locations to serve you. Become a member today and enjoy the credit union difference!