Author Topic: Debit Card Fees  (Read 2221 times)

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Mimi

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Debit Card Fees
« on: September 29, 2011, 07:16:21 PM »
Starting Saturday, big banks must comply with a new regulation that caps the fees they can charge merchants for processing debit card purchases. But some consumers are already seeing the impact of the change, in the form of higher fees charged on their checking accounts, as banks seek to recoup lost revenue.

Bank of America is the latest bank to say it will begin charging a monthly fee for checking accounts that use debit cards. Starting early next year, the bank will charge $5 a month, in any month that the customer uses a debit card to make a purchase. (If customers have a debit card, but don’t use it, they won’t incur the fee.) The fee won’t apply to A.T.M. transactions, and it won’t be charged to customers with certain premium accounts, a bank spokeswoman, Betty Riess, said. “The economics of offering a debit card have changed with recent regulations,” she said.


http://bucks.blogs.nytimes.com/2011/09/29/banks-adding-debit-card-fees/
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Wally

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Re: Debit Card Fees
« Reply #1 on: September 30, 2011, 05:35:56 AM »
Speaking from a retailer's point of view, I have to say that it seams reasonable to place more burden on the user of the card rather than the retailer.  Retailers don't force a person to use a debit card, and allow customers to do so as a convenience to them.  For years we have been somewhat over a barrel because customers want the service, and we would lose business if we refused.  And the banks have taken advantage of us by charging higher fees than necessary--at least in my opinion.  Retail prices have to increase to cover the added costs that result from these merchant fees.  It will be interesting to see how this plays out.
So likewise ye, when ye shall have done all those things which are commanded you, say, We are unprofitable servants:  we have done that which was our duty to do.  Luke 17:10

Mimi

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Re: Debit Card Fees
« Reply #2 on: September 30, 2011, 06:13:26 AM »
We are glad your merchant fees have been capped. I was very glad to see that. Our local merchants have a minimum purchase requirement on debit and credit cards - $10. That's fair unless you have only $9 in the account and need a loaf of bread. That is the time to pull out the checkbook or plan ahead making sure some cash is in the wallet.

 
  For ever, O LORD, thy word is settled in heaven. Psalm 119:89 

Wally

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Re: Debit Card Fees
« Reply #3 on: September 30, 2011, 07:53:51 AM »
We've been reluctant to place a limit on debit card purchases.  Our clientele isn't exactly rolling in dough.  We try to be as user friendly as possible, given the rigidity of the big retailers.
So likewise ye, when ye shall have done all those things which are commanded you, say, We are unprofitable servants:  we have done that which was our duty to do.  Luke 17:10