Financial institutions under $10 billion in assets (the majority of credit unions) were exempt from the Interchange amendment? Really exempt. No tricks.
and..
What if the big banks add a bunch of stupid fees and start charging for checking?
and…
What if that’s the tipping point for the inertia that has plagued so many consumers and people decide they are “mad as hell and not going to take it anymore” and really DO move their money to credit unions?
and…
What if — we’re ready?
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June 22, 2011 at 5:21 pm
Beth Zimmerman
I noticed that you put your latest bloggie in a category called inspiration. My daddy always told me that success comes from 10% inspiration, and 90% perspiration. I think what we as credit unions have to do is sweat more. And I don’t mean sweating the small stuff because life is to short which is another thing daddy always said. So when is everyone going to start working up a good sweat besides Denise who always seems to be sweating from one bloggie to another bloggie?
June 23, 2011 at 5:43 am
Matt Davis
Half the time we spend too much time worrying about what isn’t, and not enough on what is. The rest of the time we spend too much time worrying about what is, instead of dreaming and working towards what could be. Bummer.
June 23, 2011 at 7:41 am
Denise Wymore
Thanks Matt and Beth for your comments. I’ve had lots of “off line” comments to this blog. People basically repeating the rhetoric about there being no “enforcement” of the exemption of financial institutions under $10 billion.
So what that tells me is we are sitting back waiting for the sky to fall. And in the meantime let’s take this opportunity to raise fees instead of making money the old-fashioned way by making loans to people that need them! Gen Y, for example.
The day that the new Super WalMart down the street refuses to accept the debit card from a $10 million credit union – let’s just call 60 Minutes and see what THEY do with that…..I’m just sayin’
June 23, 2011 at 8:28 am
Jim Jerving
As you know, I was one of the “off line” comments to your blog. My reason for emailing you was to note that credit unions with less than $10 billion in assets really are exempt. And that the reality of the situation is that no legal structure to “enforce” the card processors to offer two systems, one for those more than $10 billion and one those less than that amount. So, I don’t believe I was repeating the rhetoric, rather offering what I believe will be the reality of the new interchange environment.
June 24, 2011 at 7:41 am
Denise Wymore
Thanks for the comment Jim.
I know we want it in writing that they have to comply – and I guess what I was trying to suggest is – what if they do comply? What if we are truly exempt?
At some level I feel like this has become another Y2K. We lost a full year of productivity preparing for the worst and nothing happened. What if we are ready for what we know IS going to happen. Banks are gonna take it next month – and in bank-like fashion we know they will impose more fees on their customers to make up for the loss of revenue.
What if we are ready for this opportunity?
October 20, 2011 at 11:34 am
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