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Amplify Credit Union spearheads financial inclusion

Austin-based credit union becomes the nation's first and only full-service financial institution to fully eliminate banking fees

by Margaret Willard

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.


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