Protect your right to free checking by preventing changes to debit interchange fee
For Immediate Release
Members 1st Credit Union members can now call a toll-free line to urge lawmakers to delay the Federal Reserve's final ruling on debit card interchange fees.
The Credit Union National Association (CUNA) is reaching out to credit union members to urge action on the debit interchange issue, which many say would negatively impact consumers.
If the rules proposed by the Federal Reserve to fix prices on debit interchange go into effect July 21 as mandated by law, many credit unions will have some very hard choices to make about how to offer services to their members,” said CUNA President and CEO Bill Cheney. Credit Union members may be forced to pay new fees for their debit cards and face elimination of services such as free checking.
The Durbin Amendment to the Electronic Fund Transfer Act is scheduled to go into effect July 21. Federal Reserve Chair Ben Bernanke announced in late March that the central bank would not meet an April 21 deadline for making a final ruling on interchange fee regulation, citing the large number of comments and questions raised. He did expect them to rule before July 21.
Those who call (877) 422-3525 will hear a recorded briefing, then can punch in their zip code to get connected to the office of their representative or senator (for Shasta County residents, it’s Rep. Wally Herger and Sens. Barbara Boxer and Dianne Feinstein).
Credit Union members are encouraged to ask lawmakers to stop the interchange rule from taking effect; study the impact of the law on credit union members; and start over in considering the issue.
Members 1st Credit Union offers financial services to those who live, work, or worship within Shasta and Tehama County. For more information about Members 1st Credit Union visit one of our three convenient branches or call (530) 222-6060 or visit www.membersonline.org.
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