Local Credit Union Offers A Reponse to Bank Of America: ShredMyCard.com
LIVONIA -- Co-op Services Credit Union has launched a challenge to bank customers who face high debit card fees, following Bank of America's recent announcement that it plans to start charging customers a $5 fee every month for using the bank's debit card. Details of the credit union's challenge are available at www.ShredMyCard.com.
"Unlike
other financial institutions, we're focused on giving our members better rates, added conveniences and more value," said Anthony Carnarvon, president and CEO of Co-op Services Credit Union. "Co-op Services has never charged a debit card transaction fee and offers a free checking account with no monthly fees. That's a much better deal than the outrageous fees that some banks charge, especially during difficult economic times."
The Credit Union National Association estimates that the benefits of credit union membership are equivalent to $75 per member and are calculated by accounting for differences in credit union and bank pricing. Generally, credit unions provide financial benefits to members through lower loan rates, higher savings rates and fewer, lower fees than banking institutions.
CUNA has also estimated that during the past year credit unions provided more than $6.7 billion in direct financial benefits to the country's nearly 91 million members.
Co-op Services' "Shred My Card" campaign gives people the opportunity to take their bank debit card to any Co-op Services location, open a new free checking account with direct deposit, shred your old bank debit card, and receive $105.
"There's a major difference here," added Carnarvon. "The big banks will take your money for just having a checking account and debit card; we give you money."
Headquartered in Livonia, Co-op Services Credit Union has more than 52,000 members and maintains eight full-service branch offices in the Detroit metro area. Members also have access to more than 3,000 shared branches and 28,000 ATMs nationwide. For more information about Co-op Services, visit the credit union web site at www.cscu.org or call (800) 321-8570.
