Thursday, September 29, 2011

Elizabeth Warren Blowback $5 Monthly Charge for Debit Cards

Bank of America plans to introduce a $5 monthly debit card usage fee for many of its account holders beginning early next year, the company said.

"The economics of offering a debit card have changed," said Bank of America spokeswoman Anne Pace.

The Dodd-Frank Act's Durbin amendment, which takes effect October 1, and inspired by America's great interventionist, Elizabeth Warren, caps fees banks can charge merchants for processing debit cards to 21 cents per transaction, potentially costing banks billions of dollars in fee income. The banks are going to try and get it from cardholders.

Yup, the sheriff past through town and left a mess.



1 comment:

  1. The exception being cards issued by American Express which can only be used in establishments that accept their cards free master card

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