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Some Banks To Charge Monthly Fee For Debit Card Use In U.S.

Some banks in the United States, including the Bank of America, which is the biggest lender in the U.S. based on assets, have announced plans, or intend to do so soon, to charge a monthly fee, for some of their debit cards. The fees being mentioned are in the $3 to $5 per customer per month per card. The banks are trying to find ways to make up for the limit that has been mandated  after the Federal Reserve issued rules which have capped what are known as swipe fees. Beginning 1 October, swipe fees are capped at 21 cents, with an additional 0.05 per cent of each transaction, and a 1 cent adjustment related to fraud prevention. Since this is replacing a formula that averaged out at about 1.14 percent, … Read entire article »

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