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Ending the week on a lighter note, the PaymentsJournal team thought it would share with readers a tune sung by two intrepid troubadours, (The Disclosures), who seek to defend credit unions via a blues song about debit interchange reductions. The question now is whether or not Congress is musical.
“We’re doing this for credit unions, not credit card companies. Not-for-profit credit unions have been lumped into this issue with for-profit entities and that’s where our beef lies. Interchange helps CUs cover fraud and admin costs of debit card programs (which are often free to members). They are not looking to gouge anyone. But if these rules go through, many CUs will be forced to pass costs on to members or stop providing debit cards all together. We don’t want that to happen,” states The Disclosures, whom by day work in the credit union system.
Watch the video and have a great weekend: http://www.youtube.com/watch?v=_IHA3AcVQOg