Momentum is still building as the "turn to a credit union" media blitz continues to spotlight credit unions as alternatives for consumers fed up with big banks' debit card fees. Credit unions found their way into USA Today, U.S. News and World Report and regional media outlets throughout the country on Tuesday.
Many of Tuesday's stories discuss the perceived difficulty in switching financial institutions, the debit fee interchange rule that prompted the banks to raise their debit card fees to recoup lost interchange fee income, a Florida lawmaker's proposal to ban debit fees, and the upcoming Bank Transfer Day on Nov. 5, which continues to build thousands of supporters, including many who say they will switch to credit unions. Overall, credit unions continue to be highlighted by media as a low-cost or no-fee, service-oriented alternative to the bank fees.
The Credit Union National Association (CUNA) was cited as a source on fees by USA Today (Oct. 18). The article, "Some things to consider before switching your bank," said that "credit unions view raising fees as a last resort." In light of the public outrage against Bank of America's and other banks' move to raise debit card fees, "Credit unions are doing all they can to hold the line on fees," Mark Wolff, CUNA's senior vice president of communications and media relations, told the nationwide newspaper.