Page 9 - Interchange Fee News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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. it's 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 solyndra was exciting. >> bob: i want to agree with e-mails. this thing is so exciting. >> greg: this ...

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. it's 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 solyndra was exciting. >> bob: i want to agree with e-mails. this thing is so exciting. >> greg: this ...

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 free checking, fewer and fewer examples of free checking out there as they try to raise money in oth...

With local leaders in egypt and tunisia. i'll be reporting from the region. the secretary will also be meeting with opposition figures for libya in cairo next week. that's from paris and cairo. jack cafferty is thinking of banking fees, and he's 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 $100. that's because new laws will go into effect this summer as part of the much touted wall stre...