The morning after Bank of America announced it will start charging customers a monthly fee to use their debit cards, here's some good news for fee-weary consumers.
Coastal Federal Credit Union, which operates 15 branches in the Triangle, said today it's going to pay its "Go Green" checking customers even higher dividends for frequent use of their debit cards.
In other words, instead of you having to fork out $5 a month to use your debit card, the credit union will pay you to use your debit card.
Starting Saturday, credit union members can qualify to start collecting a 2.51 annual percent yield dividend on a new Premium Go Green Checking account when 30 or more debit transactions are posted to their accounts each month.
Previously, Go Green accounts earned 1.01 percent annual percentage yield after 12 debit transactions.
Further, the credit union said it wouldn't add a monthly fee, barring major changes to debit card revenues.
Comments
Not Credit
Sat, 10/01/2011 - 00:53 — sspicerCredit Unions and banks cannot and do not use your credit to qualfiy you for an account. Of course, there may be an exception I'm unaware of.
A third party (typically ChexSystems) uses the simple data known about you to dig up incidents reported from other financial institutions. These incidents do not automatically disqualify you from having an account, based on the financial instituations policy you may be able to demonstrate that you have resolved outstanding debts/issues and begin the relationship.
Source: I've been a banker for about a year, and have many friends at other banks and CUs
I'm gradually moving ...
Fri, 09/30/2011 - 17:07 — InspectorPittI'll be gradually going to a credit union.
And I hope the banks will be able to rent out the huge, elgant buildings they've built.
Why be gradual about it?
Fri, 09/30/2011 - 20:32 — trekkieWhy be gradual about it? Just change your next check to deposit in the new account if you have direct deposit and go. I've not regret doing that at all. Rip the band-aid on the banks off and teach them that we'll go where we're appreciated.
and then learn about all the other things they do for you. Better mortgage rates, better credit card rates. 0.99 overdrafts if you forget to move money into the right account and fix it before the day is done...
Credit unions can't be beat
Fri, 09/30/2011 - 16:54 — ignc73Credit unions can't be beat by banks. There's no reason for 99% of people to ever use a commercial bank.
Credit Unions aren't the only choice for low/no fees
Fri, 09/30/2011 - 15:11 — PlainAndSimpleOnline banks are a great place to get low/no fees, and several will even pay the ATM transaction fees to another bank when using their ATMs, so the consumer doesn't have any fee at all for using any ATM anywhere.
Credit Check?
Fri, 09/30/2011 - 14:49 — MissVMost credit unions and banks require the applicant to have good credit. So, one shouldn't close their bank account until they have been approved.