Credit Unions ‘Cash In’ on Bank Fee Fallout

COLUMBIA, S.C. (WOLO) — More than 30 federal credit unions across the state have signed a pledge that they will not charge consumers fees for debit card usage, as Bank of America is doing and other banks are considering. The pledge, initiated by Carolina Collegiate Federal Credit Union executives, states, in short: “I pledge that my credit union will abstain from charging a fee for members to use our debit cards for as long as market conditions allow us to do so.” Thirty-three credit unions in the state, seven of which are in the Midlands, signed on for the deal, and many are already receiving the payoff. New membership for Carolina collegiate has skyrocketed within the last week. Customers are saying they want to leave their banks due to debit card fees. October 1, Bank of America began charging its customers a $5 monthly fee for debit card usage. Bank officials have said the fee is necessary to recoup losses they have incurred due to legislation that has capped the amount of money banks can charge credit card companies for transactions.