Credit unions made an impact last weekend and yesterday among national media reporting on consumer backlash from debit card-fee hikes by large banks seeking revenue after limits were imposed on debit interchange by the Dodd-Frank Act . The media–including ABC’s “Good Morning America,” The New York Times, National Public Radio and Yahoo! Finance–told consumers to consider switching to a credit union.
On ABC’s “Good Morning America” Monday, Elisabeth Leamy reported on “Tips and Tricks to Avoid New Bank Fees.” News last week about Bank of America’s plans to charge $5 per debit card purchase transaction produced “an immediate backlash,” with protests from consumers causing the bank’s website to crash, Leamy said. She reported that other banks could follow in one of the “unintended consequences” of the debit card interchange provision.
Leamy, who is a past guest on the Credit Union National Association’s (CUNA’s) Home & Family Finance Radio Show, is familiar with credit unions through her work on savings makeover segments that featured credit unions in New York and New Jersey. Among the “workarounds” consumers can use against such fees include considering a credit union. ABC’s website, abcnews.com, features a link where viewers can go to find a credit union, she said.