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.
Credit Union Rock Stars are outstanding credit union professionals and directors from a wide range of disciplines who inspire and innovate to advance the missions of their credit unions. The 25 members of the 11th class of Rock Stars were selected for their exceptional creativity, innovation, and passion.
