In 2022, we made a promise to our members: we will no longer charge overdraft fees, maintenance fees, or bank fees of any kind on our accounts. Our innovative fee-free approach was designed to foster the financial success of our community. And for a limited time, we are partnering with RIP Medical Debt to tackle another systemic issue impacting Central Texans.

Key Takeaways:

• This fall, Amplify will make a one-time donation to RIP Medical Debt for each new member who signs up for fee-free banking at Amplify.
• Each donation will be worth $3,300 in debt relief to members of our community, including Williamson County, Travis County, and more.

How does RIP Medical Debt work?

RIP Medical Debt provides debt relief to millions of Americans by purchasing and relieving large numbers of medical debt at a fraction of its original cost. Because of this, each dollar donated is worth 100x its value in debt relief. RIP Medical Debt also uses advanced analytics to target families at “4x the federal poverty level or whose debts are 5% or more of annual income.”

For more information about RIP Medical Debt, watch the above video or visit their website.

Why did we choose RIP Medical Debt?

Our mission at Amplify is to help our members grow their savings and build intergenerational wealth. Unfortunately, for many families, medical debt is the biggest obstacle to that financial success. The work that RIP Medical Debt does provides a clean financial slate for families impacted by medical debt – and thanks to their advanced reporting, we are able to ensure that our contributions go directly to members of the Texas community.

How much does Amplify donate for each new member?

These days, most banks will offer a sign-on bonus if you jump through the right hoops: deposit such-and-such dollars, maintain such-and-such balances, or refer such-and-such new customers. At Amplify, we wanted to do something a little more impactful – and with a lot fewer strings. That’s why we’ve partnered with RIP Medical Debit to offer one-time donations on behalf of new members.

From October to December, Amplify will donate $33 to RIP Medical Debt for each new member who joins the credit union. This number has a special meaning to us - $33 was the average number of bank fees paid in 2021 by our members, regardless of income or deposit totals. And thanks to RIP Medical Debt’s innovative approach to debt relief, each $33 donation will offer roughly $3,300 in medical debt relief to a member of our community.

Can I refer someone to RIP Medical Debt for debt relief?

Because of their innovative approach to debt relief, RIP Medical Debt is unable to field individual debt requests. Visit the RIP Medical Debt website for additional information and resources.