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CU System
PSECUs interchange site can be used by Pa. CUs
HARRISBURG, Pa. (4/1/11)--PSECU in Harrisburg, Pa., has unveiled a website for consumers to gear up grassroots efforts to rally against the federal government’s proposed change in debit-interchange fees. The site, Don’t Lose Your Shirt, provides consumers with facts and figures about the negative consequences that the Federal Reserve’s interchange proposal will have on them. The $3.64 billion-asset credit union’s site also provides videos and links for consumers to contact their lawmakers. Use the link (Life is a Highway March 31). As of Thursday, the site had generated 2,100 hits. PSECU is offering the website to all Pennsylvania credit unions to use for their own interchange efforts. “Our goal in creating the website was to provide a tool to educate members about the importance of this issue,” said PSECU President Greg Smith. “Interchange is crucial to credit unions’ ability to offer a debit card program, and given the urgency of the situation, it’s our hope other credit unions will use the site as well.” The Credit Union National Association (CUNA) opposes the cap on interchange fees and has told federal lawmakers that such action would harm consumers by driving up costs of debit cards, limiting consumer options, and harming competition and technological innovation. Interchange fees allow business costs, including the risk of consumer nonpayment, to be shared by the payments participants, CUNA said. For more information, contact Nate Muniz at nmuniz@psecu.com.
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