May 03, 2011
Credit Union Members Say No to New Fees
This week the Indiana Credit Union League delivered 3,200 postcards signed by Financial Center members to legislative representatives in Washington voicing opposition to interchange legislation.
Each time that you use your Financial Center debit or credit card, a merchant is paid immediately and your credit union receives interchange income. This interchange income helps pay the cost of many of your credit union services such as reissuing cards compromised by a merchant data breach and supplying a contact center that is available when your debit or credit card is stolen.
The United States Senate passed a financial reform bill that included provisions that would make changes to this card payment and interchange system. If you have a Financial Center debit or credit card, interchange supports the program that you depend on. If interchange is reduced and changes were made that hindered the ability for Financial Center to adequately support the program, then you may end up paying more to use your debit card.
The current system allows your credit union to provide competitive and member-friendly products such as our debit and credit cards.
Please join your credit union in voicing opposition to this legislation.
Here’s how you can help.
1. Sign a postcard at one of our Center locations.
2. Call the toll free action hotline at 1.877.422.3525. The system will prompt you for your zip code and then give you further information on the interchange legislation. After this message, you will be connected to the appropriate Senator or Representative’s office.