take action header

After the economic storm of 2008, the U.S. government sought to suppress the power of big banks. But thanks to the Dodd-Frank Wall Street Reform and Consumer Protection Act, your pocketbook could be affected – specifically in terms of debit card usage.

Here’s the troubling part: because of the proposed restrictions on how American 1 and other financial institutions deal with debit card networks, the very idea of a no-minimum-balance checking account could vanish. It has to do with something called Interchange, which you can learn more about at the Electronic Payments Coalition.

It’s already happening. Here are a few stories about banks introducing new fees to their checking account customers:

Here’s how the Wall Street Journal put it:

As regulation curtailing financial institutions from levying certain charges on consumers has mounted over the past year, banks have had to dream up new fees to replace those now trimmed by laws. Credit-card users have experienced new inactivity fees and foreign-exchange charges, while checking accounts have gotten hit with new monthly maintenance fees.

Banks are considering additional fees on credit cards and checking accounts. But they also are looking at new ways to make money on cash machines and especially debit cards as regulators pinch the cards’ conventional revenue streams.

So even if you don’t have your debit card at American 1, this proposed regulation could mean you pay more monthly fees. Even scarier, it could limit the amount of money you can spend on your debit card, impose a monthly fee on your debit card, or eliminate online debit purchases.

We don’t want that to happen. So here’s what we’re doing: we’ve written a letter you can copy and paste into the submission form provided by the Federal Reserve:

As a concerned credit union member, I want the Federal Reserve to understand the impact the Regulation II, Debit-Card Interchange Fees and Routing proposal will have on credit union members like me. If enacted, Regulation II will make it impossible for me to have a no-fee debit card that I can use as I wish. We are already seeing how this regulation is impacting banks, as they add more and bigger fees to their checking accounts. I don't want to have to pay more for my credit union debit card, and I want to use it as I see fit.

We encourage you to submit a comment to the Federal Reserve using the button below, and by copying the letter and pasting it into the Fed’s comment section. To submit your comment, simply look for the “Submit” link at the bottom of press release, where it says “Comments on this proposal: Submit | View.”

take action button

You can also e-mail or mail the letter to your U.S. Senator or Congressional Representative, or call them and say that you oppose this Interchange regulation:

Carl Levin, United States Senate
269 Russell Senate Office Building | Washington, D.C. 20510-2202
Phone: 202-224-6221 | FAX: 202-224-1388
Michigan Phone: 313-226-6020
Michigan FAX: 313-226-6948

Debbie Stabanow, United States Senate
133 Hart Senate Office Building | Washington, D.C. 20510-2203
Phone: 202-224-4822 | FAX: 202-228-0325
Michigan Phone: 517-203-1760
Michigan FAX: 517-203-1778
E-mail: senator@stabenow.senate.gov

Mike Rogers (8th District)
United States House of Representatives
133 Cannon House Office Building
Washington, D.C. 20515-2208
Phone: 202-225-4872
FAX: 202-225-5820

Tim Walberg (7th District)
United States House of Representatives
418 Cannon HOB
Washington, DC 20515
Phone: (202) 225-6276
Fax: (202) 225-6281

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7 Responses to “Take Action”


  1. 1 Paul Fugate February 14, 2011 at 11:13 am

    As a concerned credit union member, I want the Federal Reserve to understand the impact the Regulation II, Debit-Card Interchange Fees and Routing proposal will have on credit union members like me. If enacted, Regulation II will make it impossible for me to have a no-fee debit card that I can use as I wish. We are already seeing how this regulation is impacting banks, as they add more and bigger fees to their checking accounts. I don’t want to have to pay more for my credit union debit card, and I want to use it as I see fit.

  2. 2 Janice Hattey February 21, 2011 at 5:45 am

    As a concerned credit union member, I want the Federal Reserve to understand the impact the Regulation II, Debit-Card Interchange Fees and Routing proposal will have on credit union members like me. If enacted, Regulation II will make it impossible for me to have a no-fee debit card that I can use as I wish. We are already seeing how this regulation is impacting banks, as they add more and bigger fees to their checking accounts. I don’t want to have to pay more for my credit union debit card, and I want to use it as I see fit.

  3. 3 Janice Hattey February 21, 2011 at 5:47 am

    I did not see the comment part on the page to send that above too? I tried and looked everywhere on the web page.

  4. 4 american1fcu February 21, 2011 at 1:29 pm

    Janice – it’s near the bottom, above the two “Statement” links, at the bottom of the press release. The link says “Submit.”

  5. 5 Vivian Craft March 8, 2011 at 5:42 pm

    The Federal Reserve is making it even harder on Banks and Individiauls in this economy!

    Those who care let your voice be heard!

  6. 6 D Mcclelland April 11, 2011 at 5:07 pm

    As a concerned credit union member, I want the Federal Reserve to understand the impact the Regulation II, Debit-Card Interchange Fees and Routing proposal will have on credit union members like me. If enacted, Regulation II will make it impossible for me to have a no-fee debit card that I can use as I wish. We are already seeing how this regulation is impacting banks, as they add more and bigger fees to their checking accounts. I don’t want to have to pay more for my credit union debit card, and I want to use it as I see fit.

  7. 7 Ruthie Hardy June 8, 2011 at 5:17 pm

    As a concerned credit union member, I want the Federal Reserve to understand the impact the Regulation II, Debit-Card Interchange Fees and Routing proposal will have on credit union members like me. If enacted, Regulation II will make it impossible for me to have a no-fee debit card that I can use as I wish. We are already seeing how this regulation is impacting banks, as they add more and bigger fees to their checking accounts. I don’t want to have to pay more for my credit union debit card, and I want to use it as I see fit


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