State Debit Cards for the Unemployed Can Have Extra Charges | TheLedger.com

But there’s more than inconvenience at issue when it comes to state debit cards for the unemployed. Had Tressler decided to take one, he might have been subjected to a whole array of extra charges, including $1.50 for each withdrawal of cash from an ATM that isn’t “in-network.”

via State Debit Cards for the Unemployed Can Have Extra Charges | TheLedger.com.

timestranscript.com – N.B. Senator blasts high credit card fees | By james foster – Breaking News, New Brunswick, Canada

Ringuette believes credit card fees imposed on businesses that accept cards and on their customers who use them are wildly exorbitant compared to some other jurisdictions, unjustly enriching banks on the backs of the consumer who ultimately pays to cover those fees via higher prices even if they don’t even own a card

via timestranscript.com – N.B. Senator blasts high credit card fees | By james foster – Breaking News, New Brunswick, Canada.

Debit Swipe Fee Regulations to be Reviewed #swipefees

House Financial Services Chairman Spencer Bachus of Alabama recently announced that one of the group’s subcommittees will meet on February 17 to discuss whether a Federal Reserve proposal to cap interchange fees on debit card purchases at 12 cents per transaction is fair, according to the committee’s website

via Debit Swipe Fee Regulations to be Reviewed.

Retailers beg for duty and fee relief to survive recession – Bermuda Sun… Beyond the Headlines – Hamilton, Bermuda

When a consumer pays by debit or credit card, the retailer must pay the bank or credit card firm an interchange or ‘swipe’ fee.  In the U.S. the average debit card processing fee is 1.3 per cent per transaction, which can add up to hundreds of dollars a month for a small business. Credit card transaction fees here are between two and three per cent.

via Retailers beg for duty and fee relief to survive recession – Bermuda Sun… Beyond the Headlines – Hamilton, Bermuda.

Fees On Reloadable Pre-Paid Cards Cost Consumers | Connecticut Watchdog #swipefees

Consumer groups and some lawmakers contend that prepaid cards lack some of the protections offered by traditional bank and credit union accounts, and often include an assortment of fees that can rapidly erode a card holder’s balance.

via Fees On Reloadable Pre-Paid Cards Cost Consumers | Connecticut Watchdog.

Debit cards: fees for merchants changing; will consumers benefit – OrlandoSentinel.com

A new federal proposal would slash fees that stores pay on debit cards, and big banks and financial companies expect big losses. To compensate, many banks plan to cut rewards programs on debit cards or add annual fees on the cards. Others expect to increase fees on other accounts.

via Debit cards: fees for merchants changing; will consumers benefit – OrlandoSentinel.com.

Credit card fees disappear in PR move

While many banks are increasing fees across the board, some lenders are completely removing them for credit cards, largely in an effort to change public perception.

via Credit card fees disappear in PR move.

Banking Strategies Daily > Banks Launch Multi-Pronged Assault on Debit Interchange Restrictions

The banking industry is gearing up to weaken, stall, or repeal the restrictions on debit interchange fees proposed by Sen. Dick Durbin D-Ill. before the policy goes into effect this summer.

via Banking Strategies Daily > Banks Launch Multi-Pronged Assault on Debit Interchange Restrictions.

U.S. Banks Proposed Checking and Debit Card Fees – NYTimes.com

Robert Hammer, founder of banking and consulting firm R.K. Hammer, said U.S. Bank was the first one he was aware of to hint at the possibility of a debit card fee in reaction to the legislation. But he expects more banks to follow suit.

via U.S. Banks Proposed Checking and Debit Card Fees – NYTimes.com.

Durbin to Illinois Bankers: Small Banks will Benefit from Interchange #SwipeFees Reform

Assistant Senate Majority Leader Dick Durbin D-IL sent a letter to three Illinois banking associations today, highlighting a recent announcement that Visa would establish a two-tiered interchange fee system – one for large institutions and one for small institutions. Visa’s announcement means that small banks and credit unions – which were given an exemption from new interchange regulation – will benefit from changes to the interchange system.

via Durbin to Illinois Bankers: Small Banks will Benefit from Interchange Reform.

Fees on reloadable prepaid debit cards cost consumers – USATODAY.com

The card charged a fee of $6.95 for the first purchase, plus a monthly fee of $5.95. Other fees included $2.50 for a withdrawal from a non-network ATM and $4.95 to replace a lost or stolen card. Abukhader explained to his son that after six months, the $30 card would contain a negative balance.

via Fees on reloadable prepaid debit cards cost consumers – USATODAY.com.

Tax refunds via debit cards….with fees | OregonLive.com

Unfortunately, there will be fees on these cards. Reports The Wall Street Journal:”Half the 600,000 offers from Treasury will carry a $4.95 monthly fee, while the rest will be free…. The program will be managed by Green Dot Corp., which has about 3.3 million prepaid cards across the U.S. The firm, which doesnt charge overdraft fees, earns most of its money from “interchange fees”—charges largely incurred by merchants when credit- and debit-card users make purchases.”From The Associated Press:”Cardholders wont have to pay service fees if they use the cards to withdraw money from ATMs in the MoneyPass network. All of the cards will carry a $2.50 fee for out-of-network ATM withdrawals, and a 50-cent fee for using out-of-network ATMs for balance inquiries. There may also be a fee up to $4.95 for making in-person deposits on the cards, which can be done at retailers like Wal-Mart Stores, 7-Eleven, K-Mart and major drug store chains.”

via Tax refunds via debit cards….with fees | OregonLive.com.

News Videos from CNN.com – Reward card caution

Video – Breaking News Videos from CNN.com – Reward card caution.

Dealing the cards. The Treasury Department sending letters to 600,000 people to sign up for tax return on new government-issued prepaid card

Companies now issue paychecks via prepaid cards, unemployment and government benefits are directly deposited onto the cards, and consumers can use them to pay bills online. Demand for the cards is expected to grow in the wake of new federal regulations that have forced many banks to raise fees on checking accounts, putting them further out of reach for many low-income consumers.

via Dealing the cards. WashPost

Snip, snip, snip: Credit losing its cachet | StarTribune.com

In October, the agency released a study of its credit accounts and found that in 2009 more than 70 million Americans had active credit cards. In 2010, that number dropped to 62 million.  “In 2010, there was a huge shift of people going from having credit cards to not having credit cards,” says Ezra Becker, the vice president of research at TransUnion, who was the lead researcher on the study.

via Snip, snip, snip: Credit losing its cachet | StarTribune.com.

Personal finance: Gift-card resale market thrives online – latimes.com

Some experts estimate that the average family has $300 in unspent plastic cash

via Personal finance: Gift-card resale market thrives online – latimes.com.

Hundreds of Millions Invested by MasterCard & Visa to Force Consumers to Use Plastic

[Via YouTube]

This is what 80% market power and lack of competition buys American consumers – $62,000,000,000 in anticompetitive merchant interchange #swipefees annually.

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Mad TV – Free Credit Card

“Bank of America credit card fees are a scam” (via YouTube)

[via vagisil4eva]

1985 James Coburn Mastercard Commercial

Citibank Overdraft Fee Scam Caught Red Handed

[via Richmunnich on YouTube]

Business: The Hidden Price of Prepaid Debit – nytimes.com

Prepaid debit cards are among the fastest growing products in the banking industry. But there’s a catch: many of these cards come with a laundry list of hidden fees.

Related Article: http://bit.ly/x6Yyj

Reps. Welch and Shuster join small business owners calling for credit and debit card fairness

Rep. Peter Welch (D-Vt.) joined a group of convenience store owners Tuesday morning as they delivered two million signatures from customers urging Congress to put an end to unfair credit and debit card swipe fees.

At a Capitol Hill press conference, Welch and Rep. Bill Shuster (R-Penn.) called on their fellow lawmakers to support legislation they wrote, the Credit Card Interchange Fees Act (H.R. 2382), which would help level the playing field between consumers, small businesses and credit card companies by requiring greater transparency and prohibiting unfair and Abusive Credit Card #SwipeFees merchant interchange practices. The two million new signatures add to 1.7 million signatures delivered by store owners to Congress last September.

Welch also announced during the event that he will be introducing legislation requiring debit card payments to be processed in the same manner as paper checks, resulting in lower fees for merchants. Though debit cards function as the electronic equivalent of checks, debit card issuers charge egregious fees, while checks clear at a nominal rate.

Today two million Americans added their voices to the chorus calling for fairness for the small businesses that drive our economy. Two million more Americans are recognizing that swipe fees kill good-paying, local jobs and drive up costs for consumers. Two million more Americans are saying enough is enough, said Rep. Welch. We must take action to rein in the abusive practices of the credit card industry and ensure that small businesses get a fair deal.

American consumers and merchants pay $48 billion each year in hidden credit and debit card fees more than twice those charged in countries like the United Kingdom and Australia.

As a former small business owner, I know how hard it is to make a payroll, pay taxes and fees and try to make a profit all at the same time, Shuster said. For far too long, interchange fees have been an unnecessary impediment for businesses and that needs to change. It is my hope Congress will consider the merits of our bill, as well as the serious struggle of business owners and consumers alike in their need for transparency, simplicity, and fairness when it comes to the issue of interchange fees.

Foes of debit-card fee limits haven’t given up the fight (WashPost) #SwipeFees

Banks and credit-card lobbyists lost big last year when Congress approved new restrictions on billions of dollars in debit-card fees charged to retailers.

via Foes of debit-card fee limits haven’t given up the fight.

Can Banks ‘Sell’ New Fees to the Customers? – US Banker

The debate over checking account and other fees has grown as new regulations, including overdraft limitations and pending caps on debit card fees, have taken effect. Banks are looking for ways to make up for lost revenue and testing the waters with everything from annual fees on credit cards to charging for paper statements.

via Can Banks ‘Sell’ New Fees to the Customers? – US Banker.

Visa Plans Two-Tiered Interchange Rates After Fed Rules – US Banker

“We will support a two-tiered debit interchange structure,” a Visa spokesman said in an e-mailed statement Friday. “We expect to have a separate rate schedule for exempted institutions and products at the time of implementation” of the Feds rule.

via Visa Plans Two-Tiered Interchange Rates After Fed Rules – US Banker.

At Banks, New Fees Replacing Old Levies – WSJ.com #SwipeFees

Banks, in an attempt to wring more revenue out of customer accounts, are conjuring up new ways to raise fees on basic products like debit cards, cash machines, and checking accounts.

via At Banks, New Fees Replacing Old Levies – WSJ.com.