Earlier this month, when the Visa and MasterCard announced a massive settlement in the legal battle over credit card swipe fees, it looked like the seven-year-old dispute had finally come to an end — and that we’d all soon be seeing credit card surcharges at retailers. But in just the last few days, the nation’s largest retailers have come out in opposition of the settlement. [More]
Visa, MasterCard Agree To Let Merchants Add Surcharges To Credit Card Purchases
By July 13, 2012
Earlier this week, we told you that a settlement in a huge lawsuit between merchants and Visa and MasterCard was in the offing and that it could open the door to retailers tacking on surcharges to credit card customers. Well, that proposed settlement has come to pass, meaning you may soon be paying more for the privilege of using your credit card. [More]
Get Ready To Pay Surcharge Every Time You Pay With Credit Card
By July 9, 2012
Visa and MasterCard know there is nothing that American consumers love more than fees and surcharges. That’s why the credit card companies are reportedly looking to do away with longstanding rules that prohibit merchants from adding on extra costs to customers who pay with credit. [More]
Consumers Getting Mixed Messages On Debit Cards In Wake Of Swipe Reform
By January 24, 2012
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]
McDonald's Exec: Swipe Fee Reform May End Up Hurting Our Bottom Line
By November 4, 2011
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]
With Debit Card Fees Disappearing, What Will Banks Try Next?
By November 1, 2011
While today’s announcement that Bank of America is dropping its plan charge a monthly debit card fee, and that other big banks have similarly scrapped their fees, could be dubbed a victory for consumers, it’s only a small triumph, and one that has people wondering what the banks will do next. [More]
BofA Ending $5 Debit Card Fee
By November 1, 2011
Bank of America is calling off its plan to charge debit-card users $5 a month, the WSJ reports. [More]
Fox Business Network Anchor Takes Scissors To Bank Of America Debit Card On Air
By September 30, 2011
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
By September 30, 2011
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
By September 29, 2011
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]
Wells Fargo To Test $3 Monthly Debit Card Fee
By August 17, 2011
Back in March, Wells Fargo announced it was killing off its debit rewards programs, but apparently that was not enough. Now the bank has said it will test a monthly $3 fee — in addition to any service fees — just for having a debit card. [More]
Long-Awaited Fed Ruling Caps Swipe Fees At 21 Cents
By June 29, 2011
The Federal Reserve unveiled its ruling today on the fees banks can charge merchants for processing debit cards at 21 cents a swipe. The cap is far less restrictive than the 12 cent ceiling set by the Dodd-Frank bill, but is still less than the current 44 cent average. It’s uncertain how this will affect the consumer. [More]
Senate Votes To Continue With Debit Card Swipe Fee Slash
By June 8, 2011
The Senate narrowly voted earlier today to defeat a measure to delay new rules that significantly decrease swipe fees, the amount of money banks charge retailers every time a debit card is used. [More]
Why Banks Threatening To Limit Debit Card Swipes To $50 Is Horrible, And Hooey
By February 28, 2011
As I mentioned on Friday, because the banks are pissed off, pretty soon you might not be able to pay for a restaurant meal or pay for groceries on your debit card. The banks are considering putting a $50-$100 cap on how much you can buy per transaction with a debit card. First, I think they’re bluffing. But, if they really followed through on it, this would seriously disrupt commerce across America. Let me paint you a picture of hypothetical supermarket checkout line. [More]
Banks Might Limit Amount You Can Buy On Debit Card
By February 25, 2011
Grumbling over proposed limits to debit card swipe fees, banks are hinting they’re considering putting a cap on how much you can buy with a debit card. It could even be something like $50 or $100, forcing consumers to either pay with credit card or cash. [More]
Fed Might Rethink Capping Debit Card Swipe Fees
By February 18, 2011
The Fed told Congress yesterday that it might rethink the plan to cap debit card swipe fees at 12 cents per swipe. One of the hopes is that merchants would be able to pass on the reduced costs to consumers in the form of lower prices. Lawmakers piled on in the hearing, saying that it would “batter banks still reeling from the 2008 financial crisis.” How banks can both be posting soaring profits and still be “battered” and reeling is an accounting trick way over my head. [More]
