PerfectStorm
DP Veteran
- Joined
- Jun 30, 2011
- Messages
- 4,184
- Reaction score
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- Gender
- Male
- Political Leaning
- Conservative
Bonus points for the source of this new regiulation.
Wells Fargo to test $3 debit card fee :: WRAL.com
Wells Fargo plans to test a $3 monthly fee for its debit cards starting this fall.
The industry's experimentation with fees is partly a response to a new regulation that will sharply reduce the revenue that banks collect on checking accounts. Starting this fall, a new cap will limit how much banks can collect from merchants whenever a customer swipes a debit card. It's not clear exactly how much banks will lose. In 2009 banks collected an estimated $19.7 billion in such fees from merchants, according to the Nilson Report, which tracks the payments industry.
Wells Fargo to test $3 debit card fee :: WRAL.com