The battle of the debit card fee has yet to end. With the dispute over the debit card interchange fee, merchants look to the banks to process customer transactions. However, last year’s Wall Street Reform and Consumer Protection Act ensured the fee to be “reasonable,” The Detriot News reported. This amount was settled to be 21 cents plus 0.05 percent of the transaction amount, averaging about 24 cents on a $38 debit purchase. This new rule applies only to big banks and takes effect October 1. 2011.
The new changes will hit consumers with higher fees for basic bank services, according to The Detroit News.
To read full article, click here: http://www.detnews.com/article/20110718/BIZ01/107180309/1001/Consumers-will-pay-other-ways-for-Fed%E2%80%99s-debit-card-fee-ruling