Interchange Fight is Lost but Other Battles to Come

There is a phone number you can call to add your voice of support for Credit Unions. Call toll-free 877-223-5275.

Thank You for Your Support

We would like to take this opportunity to thank the members who heeded our call to contact their legislators and ask them to oppose amendments to S. 3217, also known as the Interchange Income Bill. Over 2,000 letters were sent from the members of SF Fire Credit Union and 500,000 nationally – but unfortunately the amendments opposed by Credit Unions were passed. As a result, we expect to see a dramatic reduction in the amount of interchange fees we receive from retailers when you use your SF Fire Credit Union debit card to make purchases. While this future loss in income will threaten our current card programs, rest assured that the Credit Union will work hard to maintain the features, services and ‘fee-friendliness’ that our members value and appreciate. Feel free to contact your elected officials to express your disappointment with their lack of action.

What is Interchange?

Each time you use your SF Fire Credit Union VISA® Platinum credit card or VISA® Debit card, the merchant is paid immediately and the Credit Union receives what is described as an “Interchange” fee (paid by the merchant) through the card payment processing system. This fee reflects the merchant’s fair share of the costs of this convenient and beneficial payment system.

Importance of ‘Interchange’ for SF Fire Credit Union

At SF Fire Credit Union, the income from interchange supports our credit and debit card programs and allows us to offer these cards with NO fees, low rates, free rewards and extra benefits such as our popular ATM surcharge rebate program. We manage the costs of our card programs to ‘breakeven’ by giving our members added benefits not readily found elsewhere.

Connect for the Cause

While this specific fight is over, the legislative environment remains precarious for all Credit Unions. If you haven’t already done so, please register for Connect for the Cause – which is a free, web-based network that alerts you when Congress or the State Legislature is about to vote on (or consider) legislation that would impact Credit Unions. It not only keeps you informed, but also allows you to quickly and easily send your elected officials a message.