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]
debit cards
Target Won't Stop Charging My Debit Card For Purchase I Made Weeks Ago
By 10.5.11
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]
Consumers Union Calls For Investigation Into Bank Of America Debit Card Fee
By 10.4.11
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
By 9.30.11
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 9.30.11
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 9.29.11
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
By 9.29.11
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]
VISA And Mastercard Plan To Hike Debit Card Fees On Small Items For Merchants
By 9.29.11
VISA and Mastercard are planning to sharply raise the debit card transaction fees for small purchases for merchants, according to an analyst note. A $2 cup of coffee incurs about an 8 cent fee currently, but under the new policy, the fee will hike to 23 cents. [More]
Wells Fargo To Test $3 Monthly Debit Card Fee
By 8.17.11
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]
Stores Partnering With Banks To Give New Kind Of Debit Rewards
By 7.20.11
Most debit rewards programs are gone or largely neutered, a retaliation by the banking industry in response to pending caps on transaction swipe fees. Now merchants are coming to fill the void. Stores are partnering with banks to experiment with “merchant debit rewards” which give shoppers discounts for shopping at their establishments. Here’s how it will work. [More]
Bank Of America Disapproves Of My Spending Habits
By 7.13.11
Like a watchful, overprotective parent, Bank of America sees Alexander’s spending habits and disapproves of them. Whenever he makes a debit card purchase over $50, they put a hold on his card. “They told me that I should stop spending my money at an exuberant rate,” he notes. What? [More]
Long-Awaited Fed Ruling Caps Swipe Fees At 21 Cents
By 6.29.11
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 6.8.11
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 Money Launderers Love Prepaid Debit Cards
By 5.25.11
Gone are the days when it was necessary to transport briefcases full of cash across borders. Now all money launderers need to do is pack a wallet full of prepaid debit cards. [More]
Michaels Debit Card Breach Not Just In Chicago, But Across 20 States
By 5.12.11
Last week we told you about a debit card breach found in Chicago area Michaels arts and craft stores. This week, the Chicago Tribune says that the impact is much more widespread than thought, as it turns out that actually, thieves stole debit card info at Michaels in 20 different states. [More]
Michaels Warns Customers Of Possible Data Breach
By 5.5.11
If you’ve shopped at a Michaels big-box craft store recently and used a credit or debit card, keep an eye on your statements, especially if you shopped in the greater Chicago area. The chain notified customers on its e-mail list earlier today about a possible PIN pad breach in Chicago that may apply to other stores as well. [More]
Swiping Your Debit Card At The Pump Could Put A Huge Hold On Your Checking Account
By 4.29.11
When customers pay by debit card, it’s a common practice in the hotel and restaurant business to put a hold on their account for an estimated amount of the purchase. That way, there is still flexibility for you to write in a tip or to cover any other ancillary costs. Now, more and more gas stations are taking this approach for debit card customers who swipe at the pump, putting holds in the range of $50 to $100 that can linger on your account for days. [More]
EECB Saves The Day When Scammer Disputes Chargeback And Wins
By 4.29.11
Lee’s teenage son has a debit card, and he didn’t sign up for any credit monitoring services or ask for mysterious entities to call his cell phone 15-20 times every day. When the mysterious credit monitoring service charge showed up on his bill, his father disputed the charge and thought that was the end. The company disputed the dispute and got their charge reinstated. What now? As a Consumerist reader, Lee knew what to do. [More]
