Debit cards were supposed to be toast. The industry started writing their obituary when financial reform targeted overdraft …
interchange
A 4% Surcharge for Using a Credit Card?! Now Legal — but Not Likely
Starting on Sunday, Jan. 27, retailers will be allowed to tack a surcharge of up to 4% onto your tab if you want to pay with a credit card. If that sounds like a lot, you’re right. Happily, though, it’s unlikely to happen very often.
Retailers Can Now Charge Extra For Credit Card Buys — But Will They?
The 7-year fight between merchants and credit card companies over interchange fees on credit cards has finally been resolved. A settlement was reached on Friday that gives retailers a little over $6 billion in a lump sum payment, …
Credit Card Surcharges May Be Coming to a Retailer Near You
Retailers have been fighting for the right to charge people more if they pay with a credit card. They may soon win that battle.
Swipe Fee Caps Are Here — So Where Are the Savings?
One of the most contentious parts of the Dodd-Frank financial reform legislation enacted in the wake of the credit crisis was the Durbin Amendment. You may not know it by name, but you know its primary effect: higher bank fees. …
Another Swipe-Fee Battle Looms — This Time Over Credit Cards
Most Americans began 2011 having never heard the phrase “debit interchange fee.” But by year’s end, a few more of us were aware that it refers to the money paid by retail merchants to card-issuing banks when we use our debit cards to make purchases. These fees turned out to be an important battleground in the broader bank fee wars that …
Are Debit Card Fees Meant to Get Consumers to Use Credit Cards More?
Why are Bank of America and other financial institutions charging new monthly fees for debit card usage? The move has predictably caused a backlash, and the net result may be that fewer customers will keep using debit cards at …
