Article published on Tuesday, April 12, 2011

South Carolina Federal Credit Union members who receive the credit union's "Your LifeSimplified Updates" got the message on interchange delay yesterday. The email from SC Federal President and CEO Scott Woods asks for members' help in delaying the Fed's implementation of rules to cap interchange income by contacting federal legislators through hyperlinks to online tools and the toll-free number (877-422-3525) setup by the Credit Union National Association (CUNA). It explains that a reduction in interchange fees will force some institutions to end debit card services or make up the gap with new fees, and it declares in bold text: "No cost savings are required to be passed along to the consumer."

"The interchange provision needs a more thorough review," concludes Woods in the message. "Personally, I enjoy the convenience of using my MasterCard® Debit Card, and would like to continue enjoying that without increased costs!"

 

 

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Health Facilities Federal Credit Union: Our Members Are the Reason We Exist

Article published on Tuesday, April 12, 2011


Call To Action

South Carolina Federal Credit Union members who receive the credit union's "Your LifeSimplified Updates" got the message on interchange delay yesterday. The email from SC Federal President and CEO Scott Woods asks for members' help in delaying the Fed's implementation of rules to cap interchange income by contacting federal legislators through hyperlinks to online tools and the toll-free number (877-422-3525) setup by the Credit Union National Association (CUNA). It explains that a reduction in interchange fees will force some institutions to end debit card services or make up the gap with new fees, and it declares in bold text: "No cost savings are required to be passed along to the consumer."

"The interchange provision needs a more thorough review," concludes Woods in the message. "Personally, I enjoy the convenience of using my MasterCard® Debit Card, and would like to continue enjoying that without increased costs!"



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