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]
swipe fees
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]
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 Banks Threatening To Limit Debit Card Swipes To $50 Is Horrible, And Hooey
By 2.28.11
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 2.25.11
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 2.18.11
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]
