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NEWS ABOUT: debit card

Banks Still Raising Under-the-Radar Fees

So you may not want to cheer the $5 debit card fee you're not paying

(Newser) - You may want to stop celebrating over Bank of America’s scrapped $5 debit card fee , because the bank has been quietly adding or increasing other fees to make up for it. Think $5 to replace your debit card, or $12 per month for a basic checking account—up more... More »

Unemployed Stung by BofA Fees on Benefits

Big banks benefit from debit card programs

(Newser) - Bank of America has retreated from plans to charge a monthly debit card fee , but some of the people who can least afford it are still being stung. In South Carolina, one of several states that have contracted with BofA to deliver unemployment benefits through debit cards instead of checks,... More »

Bank of America Caves, Will Ditch $5 Debit Fee

Sources tells the WSJ an announcement will be made today

(Newser) - Score one for the little guys: Following in the footsteps of pretty much everyone else , Bank of America is backing off its plan to slap a $5 monthly fee on customers who use their debit card, a source tells the Wall Street Journal . The source says the decision, which was... More »

BofA CEO: We Have a Right to Make a Profit

'Our customers will understand' $5 debit card fee

(Newser) - Bank of America CEO Brian Moynihan defended his bank’s controversial new $5 debit card fee in a CNBC interview yesterday, saying that most customers would avoid it, and that the bank had given customers plenty of warning about it. Asked to respond to President Obama’s statement that banks... More »

Geithner on BofA Fees: We Will Prevail

Treasury secretary slams new debit card charges

(Newser) - Tim Geithner joined President Obama in railing against Bank of America last night on CNN , promising that the White House will get tougher in the fight against new fees. The Obama administration is "going to push back harder,” said the Treasury secretary, who noted that the $5 monthly... More »

Bank of America to Charge Debit Users $5 a Month

To make up for new regulations

(Newser) - Bank of America customers beware: Your debit card is about to get a lot more expensive. The bank intends to start charging many customers $5 a month if they use their debit cards, in what the company says is an effort to offset new federal regulations limiting the fees it... More »

People Will Drop Debit Cards if Banks Add Fees: Poll

Even $3 per month would cause folks to switch

(AP) - Americans prefer using their debit cards at the register, but a small fee could change that. A new Associated Press-GfK poll finds that about two-thirds of consumers use debit cards more frequently than credit cards. But when debit card holders were asked how they would react if they were charged... More »

Banks Jack ATM Fees, Blame Reform

Chase is experimenting with a $5 fee for non-customers

(Newser) - If you’re far from an ATM belonging to your own bank, brace yourself to shell out a few bucks. Banks across the country are hiking ATM fees, Credit.com reports. Chase, for example, is charging non-customers $5 to use their ATMs in an Illinois pilot program—and that’s... More »

BoA Scraps Debit Card Overdraft Fees

Move comes ahead of regulations, could pressure other banks

(Newser) - Bank of America is scrapping overdraft fees on debit card purchases ahead of new federal regulations. As of this summer, overdrawn customers of the nation's largest debit card issuer will simply have their cards declined at the register—rather than ending up paying $40 for coffee or some other small... More »

Banks Blitz Customers to Keep Overdraft Fees Coming

$20B in penalty fees threatened by Fed's new opt-in rule

(Newser) - Expect your mailbox to be stuffed in the coming weeks with entreaties from your bank, which desperately wants you to sign up for pricey overdraft fees it used to be able to slip into the small print. Under new Fed rules going into effect July 1, bank customers must opt-in... More »

Visa Corners Debit Card Market—With Higher Fees

Fees on signature debit purchases boost banks, screw merchants

(Newser) - In a bizarre twist, the intense competition among debit card companies has resulted in a race to higher prices, which benefit banks at the expense of retailers, not to speak of consumers. At issue is whether you sign for that debit purchase or enter your PIN instead—the former costing... More »

Holiday Shoppers Ditched Credit Cards

Most used cash or debit cards to snag bargains

(Newser) - Recession-strapped Americans may have developed a plastic allergy—only 26% of Thanksgiving weekend shoppers used credit cards. Though consumers proved willing to spend over the holiday weekend, they seem to be changing how they spend: a whopping 39% used old-fashioned greenbacks, with debit cards making up the rest, according to... More »

Fed Restricts Overdraft Fees

Customers must opt in for coverage of ATM, debit transactions

(Newser) - Starting in July, banks will have to get consumers' explicit consent before authorizing an overdraft—and the accompanying fee—on debit and ATM card transactions. Since the advent of the financial crisis, overdraft fees have become the biggest source of consumer fee income for banks. Congress is also considering making... More »

Debit Card Overdrafts Bring Banks Billions

Fees make credit card shopping look like the smarter thing to do

(Newser) - Debit card overdraft fees are helping to pay banks’ bills in the recession—and they're hitting customers hard, the New York Times reports. “Banks will let you overspend on your debit card in a way that is much, much more expensive than almost any credit card,” says an... More »

Man's Debit Card Charged $23 Quadrillion—for Smokes

Bank of America tacks on $15 overdraft fee for good measure

(Newser) - Josh Muszynski was just trying to buy cigarettes. But when he swiped his debit card, the New Hampshire man incurred a charge for $23,148,855,308,184,500—plus a $15 overdraft fee added by Bank of America, WMUR-TV reports. “I thought somebody had bought Europe with my... More »

Debit Cards Overtake Credit

A surge in debit-card usage reflects a shift from the days of easy credit

(Newser) - The recession has boosted the popularity of debit cards, the Wall Street Journal reports. In the last quarter of 2008, debit-card transactions processed by Visa were 50.4% of the company’s volume, surpassing credit cards for the first time. Rival MasterCard’s debit volume surged 13% last year as... More »

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