Just when you thought every bank in the country was tacking on as many fees as possible comes a Texas credit union that pays 15 cents every time its members make a debit card purchase.
Bank of America has been weathering a serious backlash from customers after it announced a $5 monthly fee for debit card use starting next year. And now Citibank is the latest to announce additional checking account fees and new balance requirements.
(MORE: Et Tu, Citi? Bank Raises Balance Requirements and Fees)
So needless to say it was surprising to discover that Randolph Brooks Federal Credit Union in San Antonio, Texas, is actually giving money to customers who use their debit cards. In fact, the credit union has been paying 10 cents to members who use their debit cards, but this week, as larger banks were tacking on fees, it announced it was upping its debit card use perk to 15 cents through Dec. 31.
“In just the last weekend, between Friday and Saturday, we opened almost 600 new accounts,” Sonya McDonald, senior vice president of marketing, told KSAT 12 News in San Antonio.
Smaller banks and credit unions like Randolph Brooks probably couldn’t have asked for a better gift from the nation’s largest banks. The decision by Bank of America, Citibank and others to charge more and more fees for checking accounts and debit card use will certainly give a lift to more regional banks that decide against tacking on charges.
(MORE: Bank of America Backlash: Consumers React to Debit Card Fee)
“These are tough economic times, and we wanted to send the message, ‘We’re here with you,’” McDonald said.
Can you imagine hearing that from one of the national banks? We can’t either.