Guidant Financial Group Blog

Banks Introduce Debit Card Fees

Friday
Uncertainty in the financial industry and policies surrounding it, have led some banks to look for alternative methods to make gains.

The Street reported that "Bank of America announced on Thursday that it will start charging a monthly fee of $5 to customers who use debit cards to make purchases in any given month."

"The bank said it was levying the fee because the 'economics of offering a debit card have changed with recent regulations.'"

Read the full article here.

The regulations the banks are referencing are the new ". . . federal limits on debit-card 'swipe fees' are expected to cost U.S. banks an estimated $6.6 billion a year in lost revenue."
Bank of America is not alone, The Wall Street Journal reports that "several other large banks, including J.P. Morgan Chase & Co. and Wells Fargo & Co., are testing or plan to test similar fees in some states." Read the full article here.

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posted by Garrett @ Guidant @ 8:10 AM

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