Tag Archives: Fee

Fee Uproar Sparks Online Banking

October 10, 2011   Alexander Stewart   No comments

Savings Accounts and Money Market Rates provided by 10 October 2011 American banks have taken some heat recently over the decision to increase fees on services that have traditionally been free. DailyFinance.com reports that one of the unintended effects of the move has been a sudden increase in interest in online banking.

PerkStreet Financial, an online bank founded in 2009, told the news source that it saw its daily activity double when the announcement from Bank of American came on Friday, September 30.

“The Bank of America news woke everyone up and spurred change,” Dan OMalley, PerkStreets chief executive officer, told DailyFinance.

Though online banks like PerkStreet have some limitations in terms of customer service and certain physical transactions such as checking, the move has so far allowed them to maintain some of the benefits that customers have been outraged to lose at larger banks. Read the full post

  Tags: Fee, Fee Uproar

Consumers may benefit from new interchange fee regulations

July 01, 2010   Daniel Murphy   No comments

Americans may seen lower prices and savings at retail chains when new interchange fees go into effect

As the hot debate surrounding interchange fees begins to wind down in Congress, it looks as though retailers are poised to win a victory. As the House and Senate reached a compromise on a bill that will essentially lower interchange, or “swipe fees,” for credit and debit card transactions, consumers may be wondering how the new legislation will affect their wallets.

Once the bill is signed into law, merchants will feel some financial relief as the interchange fees – costs that the retailers must pay credit card issuers and banks for each credit or debit transaction – will decline. Read the full post

  Tags: Fee, Interchange Fee, New Interchange, New Interchange Fee