Credit unions pounce after banks raise fees

At Lafayette Federal Credit Union in Kensington, officials wasted no time in taking aim at Bank of America’s decision to levy debit card fees. Within two weeks of the mega bank’s Sept. 29. decree, the credit union placed ads in area newspapers telling consumers:

“There’s no reason to pay your bank, when we’re here to pay you, with: no-fee checking and debit card, no minimum balance requirements . . . dividends paid quarterly.”

If the list of incentives didn’t do the trick, the bank added a scowling twentysomething cutting up a debt card, below the looming question: “$#%&’n mad? You should be!”

The provocative campaign seemed to strike a chord with consumers as Lafayette FCU has recorded a 50 percent increase in online applications this month, according to marketing director Christina Madaras.

Lafayette FCU, like many credit unions in the Washington area, is capi­tal­izing on the growing anti-bank sentiment that’s sweeping the country.

Read on.