Payments/Credit/Debit

Some national banks have begun to raise fees for using their ATMs and otherwise tinker with their ATM polices in order to increase fee income.

Some national banks have begun to raise fees for using their ATMs and otherwise tinker with their ATM polices in order to increase fee income.

Saying that that more information is needed on the unintended consequences of capping interchange fees, Rep. Shelley Moore Capito last night introduced legislation that would delay the implementation of the Fed’s interchange rule by one year.

Rep. Shelley Moore Capito (R-W.Va.) plans to introduce later today a bill that would delay the implementation of the Federal Reserve’s debit interchange rule by one year.

TCF National Bank, the financial institution which has taken the Federal Reserve to court over the debit interchange cap, lost roughly 250,000 checking accounts when it announced it would start charging a fee for checking accounts with balances of less than $500.00

Paradoxically, credit unions may need to act to increase debit transactions if a cap on debit card interchange makes it into federal regulation, a specialist on checking and debit maintains.