Chase hiking fees on more services | Chicago Breaking Business #SwipeFees

December 29, 2010

Here are some examples of upcoming fee changes:

– An ATM and debit card withdrawal at a Chase ATM outside the United States, Puerto Rico and U.S. Virgin Islands will cost $5, up from $3. Certain account types, including Chase Premier Platinum Checking and Chase Workplace Checking, get a certain number free. Chase will also charge $1 to print recent account transactions at ATMs for most customers.

– Its overdraft protection transfer fee, charged when monies are moved from one Chase account to another to cover an overdrawn account, is rising from $10 a day to $12 . Fees are waived for two premier accounts, or if the account if overdrawn by $5 or less.

– If a customer deposits an item such as a check, and it’s not paid due to insufficient funds, the charge to the customer is rising to $12 from $10.

– Stopped payment requests for most accounts will rise to $34 from $32. For online or phone requests, the fee is increasing to $27 from $25.

– Outgoing domestic wire transfers for most customers will cost $30, up from $25. Online wire transfers for most customers will rise to $25 from $20.

More: Chase hiking fees on more services | Chicago Breaking Business.

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Rewards Cards Lead to More Spending, Debt – WSJ.com #SwipeFees

December 28, 2010

Credit card companies have long enticed users with an array of rewards programs, from airplane miles to hotel rooms and cash back. In 2005, some six billion reward offers were mailed out by the industry, the Chicago Fed economists say. Even small rewards can prompt people to spend more. In many cases, rewards entice people whose cards were dormant to start spending, the study found. About 11% of those who hadnt use their credit cards in the previous three months made purchases of at least $50 in the first month of the program.

via Rewards Cards Lead to More Spending, Debt – WSJ.com.


OUR VIEW: Debit card rules needed | Standard-Examiner –

December 27, 2010

Not only does it put an unfair burden on merchants who allow debit card transactions, the fees also can impact the price of a product for consumers. Smaller stores are hit the hardest by the current fees; they are charged more by banks and card issuers than bigger businesses.

via OUR VIEW: Debit card rules needed | Standard-Examiner – Ogden, Layton, Brigham, Weber, Davis, Sports, Entertainment, Dining, Utah Jazz, Real Salt Lake, Ogden Raptors, Top of Utah News.


Retailers attack MasterCard, Visa model | StarTribune.com

December 26, 2010

Credit card swipe fees can range from less than 2 percent to as much as 5 percent, depending on the type of transaction, the merchant and the type of card. MasterCard’s most recent schedule of U.S. interchange fees covers 135 pages.

Some of the highest fees for merchants come with rewards cards, which have proven increasingly popular with consumers. Retailers who want to be part of Visa’s or MasterCard’s network can’t discriminate among cards; they must accept all of them

via Retailers attack MasterCard, Visa model | StarTribune.com.


Durbin turns attention to ‘abusive fees’ on prepaid debit cards

December 25, 2010

Prepaid debit cards, designed to function like checking accounts, have been faulted for charging consumers fees for activation, checking balances and other functions.

via Durbin turns attention to ‘abusive fees’ on prepaid debit cards.


BUSINESS TIPS: Who pays price for ‘reward’ credit cards? | #SwipeFees

December 24, 2010

What I had forgotten was that each swipe cost a flat rate, and the flat rate is called an interchange fee. According to The Nilson Report, U.S. merchants paid interchange fees of around $62 billion on sales of $3.7 trillion in 2009.

via BUSINESS TIPS: Who pays price for ‘reward’ credit cards? | Easy Credit Cards UK.


FRB: Federal Reserve Open Board Meeting, December 16, 2010 (video) #SwipeFees

December 24, 2010

Recording of the live webcast of the Federal Reserve’s December 16 open meeting on proposed rules governing debit card interchange fees and routing.

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