RALEIGH, N.C. – In the face of new debit fees by big banks, Coastal FCU said tomorrow–the day the Durbin Amendment goes into effect–it will begin paying members higher dividends on their “Go Green” checking accounts the more they use their debit cards.
Credit union members can qualify to start collecting a 2.51% APY on a new Premium Go Green Checking account when 30 or more debit transactions are posted to their accounts each month.
Previously, Go Green accounts earned 1.01% APY after 12 debit transactions.
Coastal also pledged not to start charging fees for using debit cards.
The move comes as Bank of America and other big institutions required to cut their debit fees under the Durbin Amendment are moving towards monthly and annual fees for debit cards. The Durbin Amendment, which caps debit fees at 24 cents per transactions, goes into effect tomorrow.
Credit unions like Coastal that are under $10 billion in assets are not effected by the new debit card fee caps.
