PODCAST: Going fee free
Amplify Credit Union eliminated all banking fees on deposits accounts, says Stacy Armijo.
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.”
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