Amplify Credit Union Announces Fee-Free Commercial Banking

Amplify Credit Union delivers another industry first with fee-free commercial banking

AUSTIN, Texas – Today, Amplify Credit Union announced it will become the first and only provider of fee-free commercial banking in Central Texas, or anywhere in the country. An expansion of its pioneering move to eliminate all banking fees more than two years ago, this extends the benefits of fee-free banking to the businesses, nonprofits, corporations and other organizations that fuel the Central Texas economy.

“Companies with less than 250 employees account for almost half of the workforce in the U.S. and they create most of the new jobs,” said Kendall Garrison, chief executive officer of Amplify Credit Union. “Those same businesses watch bank fees eat away dollars they could put toward wage increases or additional positions because they’ve never had an alternative. That changes this summer.”

In early August, Amplify will begin accepting new commercial banking customers who want services such as ACH origination, positive pay and online wires, but who don’t want minimum balance requirements, per-transaction charges or any banking fees. Until then, Amplify will focus on serving existing business members who want to expand their relationship with the credit union to include commercial banking services.

“We’re determined to fix what’s wrong with banking or die trying, and forcing hardworking entrepreneurs, business leaders and nonprofit executives to play the game of account analysis is wrong,” Garrison continued. “If we can make banking more affordable for businesses – and nothing is more affordable than free – then they can help make Central Texas more affordable for everyone.”

“If we can make banking more affordable for businesses – and nothing is more affordable than free – then they can help make Central Texas more affordable for everyone.”

—KENDALL GARRISON, CEO OF AMPLIFY CREDIT UNION

With affordability in Central Texas continuing to be a challenge for many, today Amplify hosted its second annual Central Texas Affordability Summit. Leaders from across the region convened, including Austin Mayor Kirk Watson, to discuss the community’s progress in addressing affordability. The conversation focused specifically on creative solutions that are increasing the availability of housing Central Texas can afford.

“At Amplify, we aim to put the wealth-building power of homeownership into the hands of more Texans, and affordability is crucial to making that happen,” said Stacy Armijo, chief experience officer for Amplify. Today’s conversations showed the impact local organizations can have in putting housing within reach for more residents in positive and promising ways. Going forward, Amplify’s fee-free commercial banking services will do the same thing for the organizations that are growing the wages Central Texans need to afford those homes.”

About Amplify Credit Union

Amplify Credit Union offers fee-free banking and award-winning lending to residents and businesses in the state of Texas. In 1967, the organization was founded as the credit union for IBM employees in Austin. Today, it provides digital-first banking and lending services to over 50,000 members. In addition, Amplify has been named a Top Workplace in Austin for three years in a row, and this year was named a Top 50 Workplace in the USA. The organization is rooted in its mission to improve the financial lives of its members and uses the proceeds from that to provide a safe place to call home for those without. Join us at www.goamplify.com.