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swipe fees

Bank of America may be the first major bank to raise its fees on debit card usage, but it will not be the last. The consequences of the federal government’s crusade against “unfair” credit card interchange fees have only started to emerge. Thousands of card users are now being charged higher interest rates and now [...]

Financial services firm Wells Fargo has announced it will test a $3 monthly fee for debit card users in select states, the result of new “interchange” regulations for debit cards that go into effect October 1.

In recent months consumers have begun to see the effects of Dodd-Frank on their ability to find and use credit in their everyday lives. Credit companies, who have invested billions in building credit networks that both retailers and consumers both benefit from using, have seen their ability to charge fees for using these networks slashed [...]

Bill Hardekopf, CEO of and author of The Credit Card Guidebook, is the guest on this week’s FIRE podcast, to talk with host Arin Greenwood about the Federal Reserve’s proposal to limit debit card fees to a maximum of 12 cents per transaction and the likely effect on consumers. Listen to the podcast here, [...]