Consumers Getting Mixed Messages On Debit Cards In Wake Of Swipe Reform

Consumers Getting Mixed Messages On Debit Cards In Wake Of Swipe Reform

Last year, banks and financial regulators on Capitol Hill went head-to-head over swipes fees, the amount of money banks charge businesses each time they accept a debit card purchase. While swipe fees did end up being reduced by only a fraction of what had initially been proposed, banks are still whining about the pennies they are no longer bringing in. Thus, shoppers are receiving mixed messages from retailers and financial institutions about whether to use their debit card, credit card, or cash. [More]

Don't Bother Getting A Kindle Fire Unless You Have A Credit Card

Don't Bother Getting A Kindle Fire Unless You Have A Credit Card

Heather really likes her new Kindle Fire, once she got it working, but she’s sending it back. Why would she do that? Because the Fire isn’t a very fun device without Amazon Prime, and you need to have a credit card to sign up for Prime. She doesn’t have any credit cards, and she doesn’t want any. So back the Kindle goes. [More]

Suze Orman's Pre-Paid Debit Card Labeled "Cream Of The Crap"

Suze Orman's Pre-Paid Debit Card Labeled "Cream Of The Crap"

Yesterday, we told you about personal finance personality Suze Orman’s decision to get behind a pre-paid debit card that she hoped would be of help to consumers who either couldn’t get a line of credit or wanted to avoid using credit cards. But now that people have had a chance to look at the specifics on Suze’s card, the reaction from some is a bit of a shrug. [More]

Suze Orman Launches Her Own Pre-Paid Debit Card

Suze Orman Launches Her Own Pre-Paid Debit Card

Really wish I’d know about this when I chatted with personal finance personality Suze Orman back in December. The TV host/author/owner of the whitest smile on Earth is set to announce her own pre-paid debit card, which she promises won’t be a pile of fee-laden crud like the one the Kardashian sisters slapped their name on in 2010. [More]

The New Sneaky Fees Banks Are Adding

The New Sneaky Fees Banks Are Adding

Just because the monthly debit card fee battle has been won doesn’t mean banks are gonna stop trying to squeeze more profit off basic checking accounts. Here’s a bunch of the recent fees banks have invented: [More]

BofA Reaps Fees From Unemployment Benefits Loaded On Debit Cards

BofA Reaps Fees From Unemployment Benefits Loaded On Debit Cards

While Bank of America’s now-abandoned plan to charge debit card users $5 a month has received a halogen spotlight recently, far less attention has been paid to how it collects fees off the unemployed. In some states, unemployment benefits are issued via Bank of America debit cards. States save money by not using paper checks, but the unemployed lose out from all the fees hiding in the cards. [More]

McDonald's Exec: Swipe Fee Reform May End Up Hurting Our Bottom Line

McDonald's Exec: Swipe Fee Reform May End Up Hurting Our Bottom Line

A number of the new or increased banking fees, including Bank of America’s scrapped attempt to charge debit card users $5/month, that have popped up recently have been financial institutions’ reactions to recently enacted regulations that cap swipe fees — the amount banks charge retailers each time a debit card is used to make a purchase. While the goal is to put billions back into retailers’ coffers, some of the nation’s biggest chains say it may end up hurting them. [More]

BofA Ending $5 Debit Card Fee

BofA Ending $5 Debit Card Fee

Bank of America is calling off its plan to charge debit-card users $5 a month, the WSJ reports. [More]

Chase Drops Plan For $3 Debit Card Fee

Chase Drops Plan For $3 Debit Card Fee

Chase joins U.S. Bancorp, Citigroup, PNC, KeyCorp and other large banks that have recently moved away from the plan to charge consumers a monthly fee when they use their debit cards to make purchases, reports the Wall Street Journal. The bank recently tested the fee in both Washington and Georgia. [More]

Behold The Amazing Disappearing Prepaid Debit Card

Behold The Amazing Disappearing Prepaid Debit Card

It seemed like a good idea at the time. When Jim’s wife received a bonus at her job in the form of a prepaid debit card from the First National Bank of Omaha, they chose to put it away for an emergency. What they didn’t realize is that prepaid debit cards combine all of the arbitrary fees of banks with all of the general crappiness of a gift card, only worse. Much worse. By the time the couple went to use the card, the entire balance had been gobbled up by fees. Fees levied for not using the card. [More]

Bankers Association Defends Checking Rate Hikes: "We Don't Expect To Pay Nothing To Ride The Train"

Bankers Association Defends Checking Rate Hikes: "We Don't Expect To Pay Nothing To Ride The Train"

Bankers are sure trotting out the appealing straight talk to defend the recent increase in rates on various consumer banking services. First it was Bank of America CEO Brian Moynihan telling folks that adding a $5 monthly fee for debit cards was okay because they “have the right to make a profit.” Now an American Bankers Association has an interesting turn of phrase to defend the jackup in checking account costs, most recently done by Citibank. [More]

Bank Of America CEO Defends $5 Fee Hike: We Have "Right To Make A Profit"

Bank Of America CEO Defends $5 Fee Hike: We Have "Right To Make A Profit"

Bank of America has taken a lot of flack over the bank’s decision to levy a $5 monthly fee on debit card holders. Now the CEO is firing right back. [More]

Target Won't Stop Charging My Debit Card For Purchase I Made Weeks Ago

Target Won't Stop Charging My Debit Card For Purchase I Made Weeks Ago

Consumerist reader Lauren is caught in an ugly loop with the billing folks at Target.com. It seems she made a purchase a couple weeks back on the Target site and paid with her debit card. She eventually received everything, but now Lauren says that Target is continually authorizing her debit card for random amounts up to two times per week. [More]

(Word Economic Forum)

Consumers Union Calls For Investigation Into Bank Of America Debit Card Fee

It’s not just Senator Dick Durbin and scissor-happy Fox Business Network anchors who disapprove of Bank of America’s announcement that it will begin charging a $5 monthly fee to some customers who use their debit cards to make purchases. Our benevolent benefactors at Consumers Union are now calling upon legislators and regulators to investigate this move by the nation’s largest bank. [More]

Fox Business Network Anchor Takes Scissors To Bank Of America Debit Card On Air

Fox Business Network Anchor Takes Scissors To Bank Of America Debit Card On Air

The backlash against Bank of America’s decision to charge a $5 monthly fee to some customers who use debit cards to make purchases continues, with Fox Business Network’s Gerri Willis taking a pair of scissors to her BofA debit card in the middle of an on-air report. [More]

Dick Durbin Slams Bank Of America Over $5 Debit Card Fee

Dick Durbin Slams Bank Of America Over $5 Debit Card Fee

Yesterday, Bank Of America announced it would begin charging a $5 monthly fee for some BofA customers who use their debit cards to make purchases. Not surprisingly, this did not go over well with Illinois Senator Dick Durbin, one of the leading proponents of swipe-fee reform. [More]

Bank Of America To Charge $5 Monthly Fee For Some Debit Card Users

Bank Of America To Charge $5 Monthly Fee For Some Debit Card Users

Even though swipe fee reform resulted in a bank-friendly compromise, it still managed to halve the amount banks earn every time you pay for something with a debit card. And so the hunt to make up for that lost money continues, with Bank of America looking to charge a $5 monthly fee to some debit card users. [More]

Citibank Jacks Up Monthly Fees On Checking Accounts

Citibank Jacks Up Monthly Fees On Checking Accounts

Citibank sent customers a letter informing them that starting in December, they’re raising monthly fees on checking accounts, in some cases by double. [More]