(Wall Street Journal) — A set of new debit-card restrictions proposed by the Federal Reserve on Thursday was more aggressive than investors feared, potentially causing billions of dollars in lost revenue for U.S. banks and stiffening competition for credit-card providers. The new restrictions, most of which won’t be made final until April 21, aim to […]
(Wall Street Journal) — Big banks may soon start pushing a different type of plastic to their customers. Financial institutions such as U.S. Bancorp, Wells Fargo & Co. and Bank of America Corp. are exploring prepaid cards as a way to make up revenue that will likely be lost from federal restrictions on debit cards. That is because […]
(Wall Street Journal) — As the holiday-shopping season kicks off, there is one thing most consumers won’t be leaving home without: an overdraft cushion. Rather than face the embarrassment of being declined a purchase, 75% of consumers are opting to pay a fee—sometimes as much as $34—each time they overdraw on their debit-card account, according […]
(New York Times) — The simple credit card is about to get a makeover. Next month, Citibank will begin testing a card that has two buttons and tiny lights that allow users to choose at the register whether they want to pay with rewards points or credit, at most any merchant they please. Other card […]
(Wall Street Journal) –One of the big selling points of debit cards, highlighted in ad campaigns and on bank websites, is that you’ll have “zero liability” for losses if your card is lost or stolen—just like credit cards.Turns out that’s only sort of true.In fact, nearly every debit card comes with restrictions in cases of […]
(Crain’s) — Fighting to keep his controversial Senate-passed “swipe fee” amendment in the financial regulatory overhaul bill, Sen. Richard Durbin on Monday issued a compromise measure he says will win support from key House members. The Illinois Democrat scored a coup for retailers last month when his last-minute amendment regulating so-called “interchange fees” — which retailers […]