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Don’t Let Merchants Throw Consumers Under the Bus

Posted in Aspire FAQs
April 11th 2011 by
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Aspire FCU is pleased to offer members a free, universally accepted, surcharge-free debit card. We’ve been able to extend that service to you free of charge because of interchange fees that merchants pay. This will change in July unless legislation pending in Congress passes.

If merchants have their way, consumers will soon pay more for their debit cards and other services. Several major banks have already announced they will end their various reward programs, such as frequent flyer miles and free checking. Credit unions may be forced to do the same if interchange from merchants is limited.

You can help protect Aspire’s ability to provide you and your fellow members with free, universally accepted debit cards and a wide array of other low cost, high value financial products and services by contacting your lawmakers in Washington to encourage them to support legislation (S.575, H.R. 1081). This will simply delay the implementation of those changes, and require additional research on their potential impact to consumers like you before they go into effect.

Credit union professionals, volunteers and members nationwide are participating in a grassroots effort to do just that. We encourage you to visit the Credit Union Online Grassroots Action Center at http://www.capwiz.com/cuna/nj/home where you can easily send your lawmakers a pre-drafted email on this important issue.

Take just a minute to help your Credit Union, so we can continue to help you reach your financial goals.

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