Banking inconvenience is scaling to new heights in New Mexico and across the country as Bank of America and Wells Fargo plan to roll out separate monthly debit card usage fees. In New Mexico and in four other states, Wells Fargo will pilot a usage fee of $3 a month More…
On Oct. 14, Wells Fargo, which holds the second largest number of bank deposits in the U.S., will begin testing a $3 monthly fee for debit cards in New Mexico and four other states. The fee applies to all cardholders and will be triggered if you use the debit card More…
As of yesterday, banks need to ask customers whether they would like to be allowed to overdraw their checking accounts for a fee, usually $35. About 70 percent of Americans are expected to do nothing or say no to this overdraft protection, meaning their banks will start rejecting transactions More…
Yesterday afternoon, House and Senate Democrats reconciling the two versions of financial regulatory reform announced a compromise on debit card fees — an issue of contention and the subject of fierce lobbying by companies like Visa and MasterCard. The compromise on the provision, initially authored by Sen. Richard Durbin More…
The Federal Reserve’s new opt-in requirement for overdraft protections is progress, according to Democratic finance leaders, but legislation providing further consumer protections is still needed.
“Giving customers the chance to choose whether they want ‘overdraft protection’ is important,” Senate Banking Committee Chairman Chris Dodd (D-Conn.) said in More…
Customers will have to opt-in to overdraft protection programs before banks can charge them overdraft fees on debit purchases and ATM withdrawals, according to new finance rules rolled out by the Federal Reserve today. The move marks a sharp departure from current practice, in which many More…
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