The apparent pullback last week by Bank of America and Wells Fargo on debit fees does give credit unions a pause in strategy but the momentum on Bank Transfer Day continues largely unchecked, CU consulting houses agreed Monday.
"My belief is that credit unions need to continue to promote their value regardless of how big or small Bank Transfer Day ends up being," maintained Bill Handel, vice president-research/development at Raddon Financial Group in Chicago who added, "the difference between the mega-banks and community-based financial institutions was significant even prior to the imposition of debit card fees and so the imposition of these fees was a means by which this difference could be driven home."
If debit fees are softened as put forward by BofA, Wells Fargo and Chase over the weekend, then for CUs, "the ability to differentiate may lessen" but the fundamental difference does not go away.
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