How many of you advertise mobile banking, text banking, or a credit union app product? And how many of you advertise it as being “Free?” I have reviewed several websites for compliance lately and see that these products are becoming more and more common. Rightfully so, they are a great way to stay competitive and attract new members. However, advertising these products as “Free” can be arguably considered misleading. Why you ask…
The reason being is that although the credit union may not charge a fee for these services, members may still incur a charge for the text and data services provided by their carrier. So, what do you do?
My recommendations is that you provide an asterisk next to the word “free” and a simple disclosure that states “standard carrier rates may apply” to avoid being misleading.
Have a great week.