FEES

Photo: phozographer

By Stacey Bumpus

Wouldn’t it be nice to be able to withdraw money without having to worry about paying additional fees? The option of no fee ATMs may very well become a reality for consumers across the country, though there is a catch: You’ll be required to watch a commercial before withdrawing your money.

By Casey Bond

Occupy Wall Street protests have been going strong over the last couple of months and have inspired demonstrations across the nation, including Occupy LA, as well as Bank Transfer Day.

We were able to track down and interview an Occupy LA protester who plans to switch, and find out why, exactly, he feels his money will be better off at a credit union.

Below is our interview with Toby Karlin.

At an industry conference on Thursday, bank executives explained that their decision to pull back on debit card fees doesn’t mean they still won’t suffer losses. Banks say they will still attempt to recover $8 billion, after a cap placed on interchange fees was implemented– and without debit card fees to bring in income, bank representatives look to revenue-generating alternatives to recover their money.

Banks to Consider Charging for Prepaid and Credit Cards

Bank of America has just disclosed that they will be dropping the $5 debit card fee they planned to begin charging due to customer outcry and dissatisfaction.

Millions of Americans voiced outrage when many of the nation’s largest banks, including Bank of America, Wells Fargo, JP Morgan Chase and SunTrust announced their intent to implement monthly debit card fees.

A number of national bank institutions have decided to pull back on their controversial debit card fees after receiving backlash from customers. The monthly fees, some as high as $5 for use of debit cards, have already been eliminated by some banks while others are strongly considering the option.

Debit Card Fees Rub Customers in the Wrong Way

By Stacey Bumpus

Bank of America recently announced it will begin charging $5 monthly fees for customers who make debit card transactions. Following a string of banks that have flirted with fees for debit-card use, the bank plans to begin charging its fee at the beginning of next year.

A recent Senate vote all but confirmed that the Durbin Amendment would be implemented as planned. As the Federal Reserve scrambles to issue final regulations on interchange fees and debit card issuers scramble to comply, banks look for creative ways to make up for the loss of an estimated $14 billion in revenue.

Many banks have already adapted to less lucrative checking accounts and changed their fee structures accordingly. Still others are focusing on long-term reactions to interchange regulation, from court challenges to innovative revenue models. Here are five ways we’ve seen banks try to compensate for a 12-cent interchange fee limit:

Some businesses have decided to stop accepting credit cards due to high processing fees, according to a new report from The Los Angeles Times. In order to avoid pushing the higher fees on to customers by charging more in their stores, merchants have instead chosen to do away with plastic all together.

Credit Card Processing Fees at About 2 Percent

A study released on Tuesday from the Pew Charitable Trusts says that credit card late payment fees have declined and interest rates have stabilized thanks to the credit card legislation. While the study notes that the changes occurred two years after the legislation was signed, this could mean the law has truly made an impact.

Credit Card Act Has Made a Difference

Customers of Bank of America Corp. may experience a massive increase in credit card penalties, according to an announcement made by a company spokeswoman on Tuesday. The spokesperson said the major card issuer plans to hike penalty interest rates to as much as 30 percent for customers who miss payments in the coming months.

Bank Increases Penalty Rate to Compensate for Lost Revenue