Have you ever made a $20 purchase with a debit card and ended up shelling out $50 because you forgot you didn’t have enough money in your account? If you did have to fork over an additional $30 to pay that dreaded overdraft fee, you’re actually a little bit fortunate. That’s because a new study… Continue reading Get Financially Fit by Avoiding Rising Overdraft and ATM Fees
Tag: fees
Wal-Mart Sues Visa
The ongoing battle over how much banks should be able to charge stores for processing a debit card purchase began after the 2010 passage of the Dodd-Frank Consumer Protection and Wall Street Reform Act.
Retailers Lose In Latest Debit Card Swipe Fee Ruling
On March 21 the US Appeals Court for the District of Columbia overturned a lower court’s July decision that ordered the Federal Reserve to recalculate and lower its 21-cent per transaction cap on the fees charged for processing a debit card payment. Retailers cheered that decision and expressed optimism that the so-called debit card swipe fee would be reduced to as low as 12 cents. This latest ruling means that the swipe fee cap will remain at 21 cents per transaction.
The Battle Over Swipe Fees
Banks and payment networks are working hard in state capitals around the country in an effort to prevent restaurant and clothing storeowners from charging their clients more to pay their tabs with credit cards than they do for debit card and cash transaction.
Community Banks Aren’t Hurt By Debit Card Fees
A provision in the Dodd-Frank Act originally had community banks worried. The new regulation would reduce the amount of money that larger banks could charge for debit card swipes by half. Targeting banks with assets of more than $10 billion, this meant smaller, community banks would be exempt from the regulation. According to a recent… Continue reading Community Banks Aren’t Hurt By Debit Card Fees