Instead of the 12-cent cap on fees that would benefit merchants and, in turn, consumers the most, the Fed has decided on a 21-cent cap instead.
Entries Tagged as 'Banking Industry'
Caving to Banks, Fed Sets Debit Fee Limit at 21 Cents
June 30th, 2011 · No Comments · Debit Cards
Tags: Banking Industry·banks·Debit Cards·debit fee·Dodd-Frank·fee limit·financial reform·merchants
Banks to Issue New Checking, Credit Card Fees
January 4th, 2010 · No Comments · Banking, Consumer Info, Credit Cards
We’ve already seen banks rush to slip in as many money-making fees and raise interest rates as much as possible before the new credit card legislation kicks in in February. For months, banking experts having been spouting predictions on how badly the banks are going to start sticking it to us. Now the banks’ sinister [...]
Tags: Banking Industry·banks·checking·Credit Card Accountability Responsibility And Disclosure Act·Credit Cards·Fees·minimum balances·new credit card legislation·overdraft fees·paper statements
Overdraft Fee Legislation Gaining Momentum
October 21st, 2009 · 8 Comments · Banking
Sen. Chris Dodd’s battle against banking overdraft fees continues. He introduced a bill on October 19, covering ATM and debit-card transactions as well as checks. Several other Senators are on board with the reform, as the bill is co-sponsored by Senator Charles Schumer D-NY, Sen. Jack Reed D-RI,who is chairman of the Senate Banking Subcommittee [...]
Tags: bailout·Banking·Banking Industry·bounced checks·Chris Dodd·credit card fees·Diane Rehm·FAIR Overdraft Coverage Act·opt-in·Overdraft·proportional fees
“Transaction Sorting” Maximizes Overdraft Fees for Banks
July 16th, 2009 · No Comments · Banking
With the new credit card laws about to go into effect, banks are scrambling to replace the usurious income they used to be able to generate through late fees and sudden high interest rates. Overdraft fees on checking accounts are now being referred to in the banking industry as the “motherlode”. The method for maximizing [...]
Tags: Banking Industry·bounced checks·Checking Account·debit charges·debit transaction·Mike Moebs·Nightline·overdraft fees·transaction sorting
