New developments arise in Congress often; some of which may have a lasting impact on our membership. To stay on top of these legislative changes and to give you an opportunity to get your voice heard, see below for the latest updates.
INTERCHANGE FEE LEGISLATION
What are giant retailers trying to do?
Each time you use your debit or credit card, a merchant is paid immediately and the credit union that issues your card receives interchange. This interchange reflects a merchant’s fair share of the costs of this convenient system. Interchange supports everything from re-issuing cards compromised by merchant data breaches to providing a call center to contact if your card is lost or stolen. There are currently a number of proposals in Congress to reduce that interchange.
Credit Union Member Concerns: If you carry a credit card or debit card issued by this credit union, interchange supports the card program you depend upon. If interchange were reduced and could no longer adequately support your credit union’s card programs, you may end up paying more to use your debit and credit cards or your credit union may no longer be able to offer cards at all.
Action Needed: Please send a message to your federal legislators TODAY urging them to oppose any legislation which would reduce interchange. A prewritten letter is available for your use at the credit union Grassroots Action Center, http://capwiz.com/cuna/issues/alert/?alertid=14114556 where you can personalize and send an email or print and fax a letter. (This message will be directed to the appropriate legislators based on the address you enter.)
OVERDRAFT PRIVILEGE
Overdraft Privilege Can Be Your Financial Life Saver
But Congress may prevent us from lending you a hand just when you need it most…
When times are tight, you need your credit union to step in and help. Overdraft Protection covers life’s unexpected emergencies. We keep fees low and SAVE you up to three times the cost of fees coming from a bounced check or NSF transaction.
But Congress is considering eliminating our ability to help you when YOU need it.
Call your elected official. Tell them you need your credit union to be at the ready with Overdraft Privilege.
To learn more or to get involved, go to http://www.cuvoice.com/
