In February, Amplify zeroes out every fee on our deposit accounts for both personal and business members. This means that our members will never pay another fee on their checking and savings accounts. In total, we turned off over 40 bank fees to help our members grow their savings.
For decades, bank fees have been positioned as a deterrent against irresponsible spending. But the truth is that bank fees represent a systemic financial issue, not an individual one. Here are just a few of the reasons why our credit union felt it was important to lead the way when it comes to the end of bank fees.
Studies show that over half the profits on mass-market checking accounts come from customers with "no more than a few hundred dollars" in the bank.
On a monthly basis, Gen Z ($19.13) and Millennials ($15.55) pay over three times as much as older generations in bank fees, making it harder to grow their savings.
Black and Hispanic customers pay more than twice as much in monthly bank compared to white customers, highlighting an ugly disparity in the financial industry.
In 2021, the average member paid $33 in bank fees and earned only $10 in interest. This means that our interest rates were not helping members grow their savings.
We want you in the fight against wealth inequality. That's why, for each new account opened through this page, we will make a $33* donation to RIP Medical Debt that will relieve $3,300 in medical debt for a member of our Texas community. As bank fees show, even small amounts can make a big difference.
We know that fee-free banking is a big promise, so here are answers to a few of the burning questions you might have about banking at Amplify.
Every Amplify member starts with a fee-free savings account. And add a fee-free checking account to get more from your membership.