Category: debit card fees

September 30, 2011

Durbin Slams Bailed-Out Bank of America Over New Debit Card Fee

Filed under: debit card fees - 30 Sep 2011

The move comes as the cards increasingly replace cash and as banks look for ways to offset the loss of revenue from a new rule that will limit how much they can collect from merchants. Paying to use a debit …

Durbin Slams Bailed-Out Bank of America Over New Debit Card Fee

Filed under: debit card fees - 30 Sep 2011

Earlier this year the Federal Reserve determined that the interchange fees Visa and MasterCard fix for big banks grossly exceed the cost of processing a debit card transaction by some 400%. These hidden fees were designed to boost big-bank profits …