HOW IT AFFECTS YOU!
Interchange fees are the small amount merchants pay to financial institutions to help cover the costs of operating a debit card system. The amount of the fee is typically about 1.5% of the cost of the transaction.
Your credit union offers a debit card system with the help of interchange fees, which go to protect your debit card. Without interchange fees, your credit union would need to find other means to recoup the costs of fraud protection, card loss replacement, data security, and customer service.
Recouping these costs could result in some higher fees, something your credit union does not want to have to do. Your credit union enjoys offering low-cost financial services to its members.
WHAT CAN YOU DO?
Congress is in the midst of deciding on whether to delay the Federal Reserve rule on interchange. Delaying the rule will allow the Federal Reserve to have more time to study the effect on credit unions and their members.
Please help us by submitting an email to Sens. Sherrod Brown and Rob Portman. Visit the following link to submit an email in support of the delay. Just click the “take action” button under. S. 575.
http://capwiz.com/cuna/home/
