Did Swipe-Fee Reform Help Consumers?

Credit Cards

Did Swipe-Fee Reform Help Consumers?

Did Swipe-Fee Reform Help Consumers?

When the Durbin Amendment took effect in October, capping the swipe fees that banks can charge retailers on debit card transactions, consumers predictably got caught in the cross-fire. Crying poverty over the loss of revenue, the large banks affected by the reform started phasing out their free checking offerings; one bank, Bank of America, even... Read More

Interchange Fee Limit Could Come at Federal Level

Personal Finance

Interchange Fee Limit Could Come at Federal Level

Interchange Fee Limit Could Come at Federal Level

Because of a private antitrust suit filed by several million businesses large and small against some of the nation’s biggest financial institutions, it’s believed that there could be a dramatic shift in the way companies pay to accept credit card transactions. The suit, which is slated to go to trial later this year, was filed... Read More

Checking Fees: The Bankers’ Perspective

Personal Finance

Checking Fees: The Bankers’ Perspective

Checking Fees: The Bankers’ Perspective

In the world of consumer personal finance, the F-word, fee, has grown increasingly unpalatable. Citibank will soon begin charging $20 a month for checking. At Bank of America, it’s $5 per month to use a debit card. Wells Fargo and Chase are also charging such a fee, at $3, in selected areas. Public response to... Read More

Debit Card Swipe Fee, We Hardly Knew Thee

Credit Cards

Debit Card Swipe Fee, We Hardly Knew Thee

Debit Card Swipe Fee, We Hardly Knew Thee

Just weeks after a law that limits debit card swipe fees fully took effect, a bipartisan effort in Congress is moving to repeal it. Representatives Bill Owens (D-N.Y.) and Jason Chaffetz (R-Utah) announced Wednesday that they are introducing a bill to overturn the Durbin Amendment, which has become the center of an ongoing controversy over... Read More

Many Consumers Outraged by Bank of America’s Big New Debit Fee

Credit Cards

Many Consumers Outraged by Bank of America’s Big New Debit Fee

Many Consumers Outraged by Bank of America’s Big New Debit Fee

Bank of America customers who use their debit cards to make purchases will be charged $5 a month, the bank announced Thursday. The news sparked widespread outrage among consumers, lawmakers and retailers. Some even encouraged consumers to boycott Bank of America, the nation’s largest bank. “(W)e urge any and all of our 5 million monthly... Read More

Day After Big Debit Fee Hike, BofA Homepage Fails

Personal Finance

Day After Big Debit Fee Hike, BofA Homepage Fails

Day After Big Debit Fee Hike, BofA Homepage Fails

Bank of America’s homepage was down Friday morning, a day after the megabank announced that it will begin charging customers $5 a month to use their debit cards. Instead of the bank’s normal site, visitors receive a notice stating “Home Page Temporarily Unavailable,” followed by the message, “We’re sorry, but some of our pages are... Read More

Americans May Turn Away from Debit Cards

Credit Cards

Americans May Turn Away from Debit Cards

Americans May Turn Away from Debit Cards

Many major lenders are now testing plans that will charge consumers a monthly fee for maintaining an account with an associated debit card, and customers say that this will make them reconsider their payment methods, according to a report based on a poll by the Associated Press and GfK Custom Research. Currently, nearly 67 percent... Read More

After Epic Battle, Swipe Fee War Ends in a Draw

Credit Cards

After Epic Battle, Swipe Fee War Ends in a Draw

After Epic Battle, Swipe Fee War Ends in a Draw

In a down-to-the-wire decision that could affect how much Americans pay for everything from gas to checking accounts, the Federal Reserve announced new rules Wednesday that it will cut the debit card swipe fees that retailers pay in half. Consumers are unlikely to notice big changes any time soon in the price of things they... Read More

What the Debit Card Interchange Rules Mean For Consumers

Credit Cards

What the Debit Card Interchange Rules Mean For Consumers

What the Debit Card Interchange Rules Mean For Consumers

Today the Federal Reserve Board announced final rules that will limit debit card swipe fees, as mandated by the “Durbin Amendment” under the Dodd-Frank Wall Street Reform and Consumer Protection Act. It backed away from a proposal to cap debit interchange fees at 12 cents per transaction, and instead the Board voted on a final... Read More

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