Citing the impact of overdraft regulation last year and the coming cap on interchange fees, the $383 million Gulf Winds Federal Credit Union is halting its Visa debit card rewards program effective July 31.
In a website announcement, the Pensacola, Fla., credit union said the combination of the "opt-in overdraft regulation and the Durbin amendment significantly" impacts the ability of Gulf Winds to offer certain benefits including free checking and card rewards.
Pointing to economic conditions, Gulf Winds said "in the best interests of Gulf Winds and its membership as a whole," the Visa program is being discontinued with grandfathered provisions.
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