October 7th, 2011

Debit Card Fees Illustrate the SMCU Difference

Debit card fees have been in the news quite a bit during the last week. Changes in federal regulations are leading some banks to shift the task of generating debit-card revenue from the merchants accepting debit cards to the consumers using them. Several national banks have recently announced plans to charge their customers a monthly fee if they use their debit card at any point during the month. In some cases, that fee would be as high as $5/month.

No Monthly Debit Card Fees at SMCU

This is another great example of how Seattle Metropolitan Credit Union is a completely different institution than traditional banks. Sure, we all provide similar products and services, but the reasons we do could not be more different.

Banks have an obligation to their stockholders to maximize profits. When one income stream slows down or disappears they must look for an alternative revenue source to maintain their stockholders’ profits. In many cases, those profits come directly from their customers’ wallets.

SMCU, on the other hand, has an obligation to our members to make sure they get the best financial products and services for the best value. If the cost of offering a service changes, we have a responsibility to look for less expensive ways to offer that service.

SMCU is affected by the changes in debit card processing revenue, like every other financial institution. However, we have no intention of implementing a monthly debit card fee. We know that our members value the convenience and ease of using their debit cards to make purchases. Because we answer to them, not stockholders, we will continue to offer that service to them with no monthly fee.

17 Responses

  1. John T. says:

    I’ve been with SMCU for a few years now, transfering another local bank that drove me crazy. Since transfering, I am comfortable with all SMCU services. I enjoying going person enjoying the friendly Service Rep. Keep doing what you do. John

  2. Benjamin P. says:

    My wife and I have been members of SMCU since 1983. It has been great.

  3. Adrienne A. says:

    I have been a member of SMCU since 1978 because I don’t like big banks. I appreciate the variety of services available and the great people who work for SMCU.

  4. Mohandas says:

    I happened to walk into SMCU located at south center….the staffs were so courteous and pleasant to me….they helped me in setting up the accounts and also secured me a credit card…which most of the other banks did not consider as i did not have credit history….great work …keep going……( iam looking forward to close my account in other banks…..)

  5. Carol S. says:

    I joined SMCU in 2004. I was with the banks for the last 30 yrs. I had my Chase account until this last year. My son and daughter also had Chase accounts. We all are with the CU coop now. All together we transferred around 20K out of Chase. I was not going to pay Chase for keeping my money with them.

  6. Tim A. says:

    I have been a member of SMCU for over 20 years, and have never regretted it. It’s a small bank and they take care of all my needs. I highly recommend their services.

  7. Kelly says:

    I used to Bank at US bank in the 80’s. They kept making mistakes on my account. My dad worked for the city and convinced me to switch to his credit union. I have been there ever sence. I will never go back a bank no matter how hard they try to convince me. Thank you SMCU

  8. heidi b. says:

    iʻve banked with smcu for a few years now, in my experience smcu is better than any big bank. i appreciate that they are friendly and sincere. i value that they are local and that being apart of the seattle community smcu understands their customers better than any commercial chain bank ever could. thank you!

  9. TANYA says:

    We’ve been with SMCU for years; it’s been a great feeling knowing they actually have our back. We’ve gotten amazing rates on loans, and we always know our money is safe. Thanks for everything SMCU.

  10. Suzie W. says:

    I have been with SMCU since 1981. I have also had a small local account with a big bank (BofA) for several years and I closed them last month. No where can I get the level of service and caring then from my credit union. Service rep’s that know your name, care about you as an individual and always go the extra mile to be sure your needs are always met. Car loan, home loan, credit card…all my services come from my credit union at the best rates any where. GOOD JOB SMCU!!

  11. Lynda F. says:

    SMCU is the best Credit Union.
    Excellent customer service, and excellent staff.
    I would never bank anywhere else.
    Join SMCU!!!!

  12. Opal F. says:

    My husband and I switched to the Credit Union back in the late 70’s. We were with Seattle First and they didn’t want to loan us money for our first house with out more money down. The credit union gave us the loan plus a lower inerest rate. No Brainer!

  13. diane l. says:

    I have been a member of Seattle Metropolitan Credit Union for 34 years, and have never regretted a minute of it. Six months after becoming a member I financed my first car, and have financed every car since through the credit union, as well my mortgage, and also have used it for many other financial services Since I am a member, I have “ownership” in every transaction made by me and every other member, which benefits us all, rather than huge profits going to greedy corporate heads. It’s a win-win – I recommend it to every one!!

  14. Darlene F. says:

    Hello out there,
    I’ve been a SMCU member so long I can’t remember the years…service has always been great, can’t beat the lack of fees (never even think about getting smacked with any account draining surprises). If I wasn’t already a member, would be moving there now. Come on over and impede the greed!

  15. Karen M says:

    I’ve been with SMCU since I started work with the City in 1988, but have only had savings there. I finally got smart and am divorcing the big C bank and couldn’t be happier with the personal service and great smiles I get no matter what branch I walk in to. Thank you SMCU!! Love the statement “Impede the Greed”!

  16. Frankie says:

    I believe in local business. I believe in community. That is why I have switched from Bank of America to Seattle Metropoltian. Big business and corporations are not working for the 99% of the people they are working for the 1% of the global populations personal interest.
    Thank you credit unions!!!

  17. Shaun says:

    I’ve audited credit unions in 2 states, and was an internal auditor for WAMU, and have been with US Bank (First Bank) since my early college years.

    When I started auditing credit unions, I was amazed that they could offer all the services any large bank could, and were _always_ nice to you!

    When US Bank increased my revolving loan rate for no good reason, I completely moved everything into SMCU. Love it ever since!

    Thank you SMCU!