debit card

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Mastercard Users, Say Goodbye to the Magnetic Stripe

Card issuer is doing away with them entirely by 2033

(Newser) - The magnetic strip will soon be a thing of the past for Mastercard users. The card company plans to do away with the strips on all of the credit and debit cards it issues by 2029, and the cards will have been completely phased out by 2033. New cards will...

Bank Robber Used His Own Debit Card
Bank Robber
Used His Own
Debit Card

Bank Robber Used His Own Debit Card

Before warning the teller, 'Don't make a mistake'

(Newser) - A man entered a San Diego bank on May 13 and demanded money from a teller, saying, "You're being robbed. Don't make a mistake." He's probably kicking himself over his own gaffe, which helped send him to prison for three years and 10 months as...

Something New for Users of Prepaid Cards: Basic Protection

Feds bring in new rules for fast-growing industry

(Newser) - Federal regulators announced new rules Wednesday governing the quickly growing prepaid debit card industry, an effort more than two years in the making that should bring basic account protections to its customers, who are often financially disadvantaged. Prepaid debit card issuers will have to provide their customers with basic account...

It Now Costs More to Get Your Money From an ATM

Well, at an ATM not related to your bank, that is

(Newser) - Consider this: $4.52. No, it's not the price of a venti Frappuccino—it's what the average American is forking over this year for each time he or she uses an ATM that isn't part of their bank. The $4.52 is a sum of what your...

Target Hackers Got PINs, Too

But Target thinks they're safely encrypted

(Newser) - Ever since news broke of Target's massive security breach , the retailer has said that customers' PIN and debit card data hadn't been stolen. Today, it admitted that actually, it had been—which, according to the Minneapolis Star Tribune , makes the stolen cards significantly more likely to be fraudulently...

Occupy Wall Street Launching ... a Debit Card?

Some in the movement not pleased by low-fee service

(Newser) - When you think Occupy Wall Street, do you think "financial products"? Because the Occupy Money Cooperative would like you to do just that. Two weeks ago it began raising money to fund its operations (it'll function like a bank) and announced its first product: a prepaid Occupy...

McDonald's Worker Sues: Payment Method 'Unfair'

Forced to use fee-laden debit card

(Newser) - A Pennsylvania woman who says a McDonald's franchise told her she could only be paid via a fee-laden debit card has launched a class-action suit. Single mother Natalie Gunshannon says she went to a lawyer after the restaurant refused to pay her by check or direct deposit, insisting that...

Bieber Making $3.75M to Hawk Prepaid Card for Teens

Which, of course, features high fees

(Newser) - Justin Bieber is getting paid $3.75 million—plus potential royalties and a stock option—to promote a prepaid debit card to teens, the New York Times reports. And, not surprisingly, the SpendSmart card has high fees, a typical and controversial part of the prepaid card industry. Specifically, there's...

Pay Off Student Loans ... by Spending More
Pay Off Student Loans
... by Spending More
odd notions dept.

Pay Off Student Loans ... by Spending More

New Visa debit card has rather strange idea for borrowers

(Newser) - Struggling with student loan debt? The SmarterBank Visa debit card can help you pay it off … by spending more money on other stuff. The card, launched by student loan comparison company, offers rewards from 0.5% (for purchases under $100) to 1% (for purchases over $100), which...

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...

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,...

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...

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...

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...

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...

People Will Drop Debit Cards if Banks Add Fees: Poll

Even $3 per month would cause folks to switch

(Newser) - 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...

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, reports. Chase, for example, is charging non-customers $5 to use their ATMs in an Illinois pilot program—and that’s...

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...

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...

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...

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