Free Guarantee

In yet another article in the media storm drawing attention to credit unions in the backlash over Bank of America’s announcement of new debit card fees, the Moneyland section of TIME Magazine’s Web site points to small banks, on­line banks, and credit unions as an alternative.

The article titled “Credit Union Guarantees Free Checking and No Debit Card Fees—Forever” says that one reason people give for sticking with their bank even as it adds absurd debit card fees is that soon, all financial institutions are likely to charge for these services. Not so, says the article. 

Small banks and credit unions are going out of their way to seize this opportunity to draw more consumers to their door by promising no-fee debit card usage and free checking, services that are becoming a thing of the past at big banks. 

As an example, the article points out a credit union in Texas that isn’t adding debit card fees and has actually begun paying customers 15¢ each time a debit card is swiped. It also mentions Bethpage FCU, in Long Island, which is gaining buzz from its promise to members of a lifetime of checking and banking ser­vices that are as fee-free as they get.

The article is available in its entirety here.

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