Q2 Helps Amplify Credit Union Go Fee-Free
About Amplify Credit Union
- Austin, Texas
- Assets Under Management
- $3 billion
- Q2 Digital Banking Platform, Q2 ClickSWITCH, Q2 Innovation Studio
Amplify Credit Union recognized a small percentage of its members were paying the lion's share of overdraft fees.
As a mission-driven organization, Amplify decided they did not want to make somebody's financial situation harder at exactly the moment they were most vulnerable, and set out to eliminate bank fees across the board. They had a vision and took a risk of doing something mostly unheard of with traditional financial institutions, and needed a superior digital strategy to ensure its online banking environment offered the right financial integrations for its members.
Q2's digital banking platform and innovative solutions provided Amplify with the customization and flexibility needed to bring its digital banking experience to the next level.
When Amplify originally teamed up with Q2 in 2017, no one knew the partnership would lead to a revolutionary new business model. But the combination of Amplify's innovation and Q2's ongoing support and digital banking strategy and technology created a real impact on the financial standing of Amplify's members. After a phase-down period of removing fees, Amplify officially dropped all fees in February of 2022.
Since eliminating its fees, Amplify has:
- Attracted new business and memberships from those motivated by the fee-free banking model
- Grown checking accounts 5% faster than the two years prior to eliminating fees
- Grown savings accounts 9% faster than the two years prior to eliminating fees
- Increased the average balances for members who joined Amplify after it eliminated bank fees by 43% compared to the deposit portfolio at large