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Members at Amplify Credit Union no longer have to worry about incurring any fees on their accounts.
The $1.2 billion asset credit union in Austin, Texas, switched to a fee-free model in February that eliminated all banking fees on deposits accounts.
“For any depositor at our institution, it’s impossible for them to incur any kind of fee,” says Stacy Armijo, chief experience officer. “It doesn’t matter what their balance is. It doesn’t matter what their behaviors are. It doesn’t matter which product they use or how long they’ve had it. It’s impossible to be charged a fee at Amplify for banking.
“People are so used to having fees charged,” she continues. “The irony is that it’s hard to get people to believe we’re really doing this.”
In this episode of the CUNA News Podcast, Armijo talks about Amplify’s decision to remove fees, what this means for members, how members have responded, and steps credit unions can take to pursue a fee-free model.
In this episode:
1:31: The decision to go fee free
4:01: Fee for service versus fee for failure
8:33: 2/2/22, also known as fee-free day
12:37: Becoming table stakes
13:22: Delivering on financial well-being for all
16:56: Advice for other credit unions
21:48: Delivering on the credit union mission