April 4, 2011

Save Your 4% Free Checking!

We need your help. Recently, Congress passed the Durbin Amendment to the Financial Reform Act which pertains to debit card interchange.

Pending legislation needs to be delayed. Debit card interchange is a small cost that merchants pay when they accept debit card transactions. As a debit card issuer, Lake Michigan Credit Union earns interchange income each time you use your debit card. Interchange income covers the cost of processing debit transactions – including the electronic processing involved in approving the transaction and funding your purchase from your account, other operational costs, and fraud risks. Interchange income also plays a big part in Lake Michigan Credit Union's ability to offer you free checking and our high interest bearing Max CheckingSM account. The Durbin Amendment would drastically lower our interchange revenue and result in Lake Michigan Credit Union no longer being able to offer you free checking or pay the great rate of 4% APY* on Max Checking.

Many members of Congress agree with credit unions and banks who wish to delay the pending legislation so that Congress can thoroughly understand the full impact of this legislation. Two amendments have been introduced to delay the Durbin Amendment legislation, S. 575 (Senate) and H.R. 1081 (House of Representatives). LMCU and credit unions across the country endorse these two amendments to stop the interchange legislation.

Here’s how you can help.
Please contact your U.S. Congress House of Representative and Senators Levin and Stabenow and encourage them to support these amendments – S. 575 and H.R. 1081. You can also visit SaveMyFreeChecking.com for additional information and sample letters. Calling, sending an email and/or letter will help these favorable amendments pass and help save your free Max Checking account.

Thank you for your support.

Sandy Jelinski
Lake Michigan Credit Union

*APY = Annual Percentage Yield.