NC, SC credit unions reap windfall over bank fees

CHARLOTTE, N.C. (AP) — Credit unions in North and South Carolina are getting a big bump in traffic since behemoth neighbor Bank of America riled depositors by announcing a $5 monthly debit card fee.

The Charlotte Observer reported Wednesday (http://bit.ly/q3Wc50 ) that several credit unions have launched advertising campaigns promoting their no-fee offerings to capitalize on the consumer discontent.

Charlotte Metro Federal Credit Union executive Nicol Morris says the response has been wonderful. The credit union’s chief operating officer says it saw a 350 percent increase in accounts created online and a nearly doubling of calls.

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

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Information from: The Charlotte Observer, http://www.charlotteobserver.com