While thousands of Americans unleash their anger at big banks in protests around the country, many more are registering their dissatisfaction from their keyboards. In the wake of last week's news that Bank of America is adding a new $5 fee for debit card use, online-only banks saw waves of new customers coming through their virtual doors.
A new report emerged Tuesday that Wells Fargo will begin charging some customers $3 every month to use their debit card -- further indication that banks are putting on the squeeze as new swipe-card regulations are set to take effect.
CardHub.com recently put five of the most well-known prepaid card issuers under the microscope to see how useful their products are based on fees and features. Which offers the best deal? The answer might surprise you. But the real question is should you use a prepaid card at all.
We got lots of reaction to our article about how changes in debit and credit card swipe fees may affect you. Swipe fees are the charges retailers pay when they allow you to use plastic. One question kept coming up: "Do I pay those fees when I use my debit card?" Regina Lewis explains.
Banks received some long-awaited news last week: the Fed capped the fees they can charge to retailers on debit card transactions at roughly 24 cents per transaction, down from an average of 44 cents. It was better than they'd feared: The initial proposal was a 12 cent cap. But how will all those pennies add up for consumers?
The Federal Reserve is preparing to issue its final rule on debit card "swipe fees" Wednesday. If the expected cut to those fees arrives, banks are likely to respond by cutting interest rates on high-yield checking accounts and squeezing profits from other banking products. DailyFinance explains what it all means to you.
Last year, the government changed the rules on debit card overdrafts, requiring banks to get customers' permission before allowing transactions that would lead to penalty fees. But despite the new rules, overdraft fees continue to be an expensive pain in the neck for millions of Americans.
The volume of card purchases made on Visa branded products globally has risen from around $2.1 trillion in 2006 to $3.1 trillion in 2010, and with strong first-quarter earnings, further growth in payment volume, and a strong foothold in the mobile transaction business, Trefis expects healthy growth ahead.
The era of free checking accounts is coming to an end. Many consumers will face an extra $144 a year in account fees, plus higher dues for their debit cars, and increased ATM charges, too. It's all part of a banking industry backlash against last year's consumer friendly financial reforms.
Think before you swipe. Fees at some ATMs are hitting $5 as banks seek to re-coup lost revenue over debit cards and overdraft charges due to federal regulatory changes.
Prepaid credit cards are marketed as a great tool for training teens about credit. But critics point to a long list of steep fees and penalties. That leaves parents to figure out if the credit lessons are worth the money. Here's what to consider before buying that card.
