Help Keep Your Debit Card & Checking FREE
May 17, 2011 | News & Press
SCE FCU is your advocate on financial regulations that affect your financial well-being. That’s why we’re asking for your help to stop regulation that has already negatively affected many consumers.
Last year’s Dodd-Frank Financial Reform Bill contained an amendment limiting interchange fees paid by merchants to financial institutions when you use your debit card. The Durbin Amendment does not require the merchant to pass their savings on to you, and does not prevent retailers from denying you the use of your debit card.
Many financial institutions have already eliminated free services and raised fees in anticipation of losing interchange income. While SCE FCU has not taken such action, our ability to provide you with free checking accounts and debit cards will be negatively affected by the Durbin Amendment.
We have the opportunity to change this harmful legislation.
A bi-partisan group of Senators and Representatives introduced new legislation that will delay this amendment until its impact can be re-assessed. We believe this is a reasonable step to ensure a better, long-term solution for all involved.
Your Support is Needed Today. Take Action in Less Than Five Minutes.
As an SCE FCU Member, we are asking for your help with this serious issue. Please contact your Senator and Congressperson to co-sponsor the new legislation to:
STOP the interchange amendment from going into effect.
STUDY the impact of a fee change on credit unions and their Members.
START OVER with new legislation that takes into account the real impact on consumers.
A sample letter that will be sent directly to your Senators and Congressperson is provided for you through Connect for the Cause. You may also call your legislators toll-free through the Credit Union Action Line at 877.422.3525. Due to the time-sensitive nature of this important issue, your calls will be patched through at all hours and on weekends.
Thank you for your support of this important issue.
President / CEO