Pennsylvania Credit Union Association

PCUA Statement on Debit Card Fees

New fees being imposed by large banks on debit card holders is a result of the Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act passed earlier this year.  However, consumers can avoid high fees related to debit cards by using a credit union as their financial institution, says Pennsylvania Credit Union Association (PCUA) President/CEO Jim McCormack.

The debit interchange fee cap regulations, which became effective October 1, limit debit interchange fees for issuers with assets of $10 billion or more to 21 cents, and allow an additional five basis points per transaction to be charged to cover fraud losses. An extra penny may be charged by financial institutions that are in compliance with established fraud prevention standards. However, this still does not begin to cover the losses due to fraud. All credit unions in Pennsylvania are exempt from the fee cap.

"Study after study has shown that credit unions overall offer lower fees and better savings rates,” said McCormack. “The mission of credit unions is to serve its members and not Wall Street.” In addition, McCormack noted that credit union members can use other credit unions’ ATMs surcharge-free using the CU$ network in Pennsylvania or nationally through the Credit Union CO-OP Network. There are more than 500 credit unions in the Commonwealth of Pennsylvania, so there is a credit union for everyone. To locate one, visit”