Page 5 - Interchange Fee News Today

What took place this week in the credit card and payment industries

Regulations. last minute, amendment put on and passed was the durbin amendment, retailers were complaining they had interchange fee. every time you swipe a debit card, you have to pay. the durbin amendment said no longer. well, the banks getting squeezed, this weekend said well, someone has to pay for that. its not fee. now we have $5 for debit card users per month for bank of america. other banks are also making similar decisions. the outrage is continuing, greg. >> greg: it is. you thought sol...

Regulations. last minute, amendment put on and passed was the durbin amendment, retailers were complaining they had interchange fee. every time you swipe a debit card, you have to pay. the durbin amendment said no longer. well, the banks getting squeezed, this weekend said well, someone has to pay for that. its not fee. now we have $5 for debit card users per month for bank of america. other banks are also making similar decisions. the outrage is continuing, greg. >> greg: it is. you thought sol...

Because of new rules likely to come in july from the fed, that could cap that at 12 cents. this is an interchange fee that created $16 billion in revenue for credit card companies. since they are going to get what they can take home cut, it might mean we restrict the transactions to be done. look, this is all part of wall street reform. cutting back on some interchange fees. there are other ways banks are trying to compensate for wall street reform. chase is testing a $3 monthly fee and we know ...

With local leaders in egypt and tunisia. ill be reporting from the region. the secretary will also be meeting with opposition figures for libya in cairo next week. thats from paris and cairo. jack cafferty is thinking of banking fees, and hes here with the cafferty file. jack? >> one of the largest banks in the country thinking of putting its customers on a budget, sort of. according to a new report on cnnmoney.com, jpmorgan chase consider capping purchases you make with a debit card at $50 or $...

Cardrating.com. this is what he tells "the washington post." im going to read it. "the only true dead beat customer is someone who has a card and never uses it. just having good credit alone in todays market is not enough for that customer to be profitable." >> banks dont make money when we dont use our cards. its better for us to use the credit card, pay it off in full every month so that we dont incur any fees or high interest and then the banks will make then the interchange fee. so every tim...

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