Financial justice is on the rise, and Amplify Credit Union is leading the way. In February, the institution celebrated its 55th birthday with a big gift for members: entirely fee-free banking.
The disproportionate effect of bank fees on Black and Hispanic members proved a primary motivator in the shift. Studies show that Black ($12) and Hispanic ($14) consumers pay exponentially more in monthly bank fees when compared with White consumers ($5).
Rather than patch inequalities, the Austin-based financial institution is eradicating them – and hopes others will follow.
After six months of fee-free banking, $1 million more remains in Amplify Credit Union customers’ pockets.