Tag: fees


The US Federal Reserve proposes new single cap on interchange fees

October 31, 2023

Via: FinTech Futures

The proposals specifically seek to determine whether interchange fees for processing a transaction are “reasonable and proportional to certain issuer costs”. It forms the most significant update to the cap since the Reserve first implemented restrictions on debit card issuers […]


CFPB issues guidance to stop big banks from charging “illegal junk fees”

October 12, 2023

Via: FinTech Futures

As per a 2010 federal law, big banks and credit unions with more than $10 billion in assets are required to provide “complete and accurate” account information when requested by the accountholders. The CFPB says it became aware of banks […]


Fintechs call on UK government to put an end to hidden fees in cross-border payments

July 24, 2023

Via: FinTech Futures

The letter says that there is currently “widespread practice of firms showing currency conversion services as have ‘zero fees’ or ‘0% commission’”, but claims this is “highly misleading when a much larger charge is embedded in the exchange rate, ranging […]

Capital and Risk, Credit

Card issuers defend late fees

July 6, 2023

Via: Payments Dive

On May 9, Warren and six other senators sent the CEOs of the 10 largest U.S. credit card issuers a letter demanding details about their companies’ late fee practices and citing a CFPB effort to curtail those fees. The issuers […]


Senate Democrats press bank CEOs on late fees

May 9, 2023

Via: American Banker

A group of Senate Democrats asked several banks to explain their policies regarding customer late fees. The group, led by Sen. Elizabeth Warren, D-Mass., and joined by Senate Banking Committee Chairman Sherrod Brown, D-Ohio, wrote letters Tuesday to ten of […]


Bank of America to pay $75M to settle class action on overdraft fees

May 17, 2021

Via: Banking Dive

U.S. banks with more than $1 billion in assets took in a combined $11.68 billion in overdraft fees in 2019, the Center for Responsible Lending (CRL) found in June 2020. Bank of America’s five-year moratorium of retry fees is expected […]

Channels, Retail Banking

Beware the Fees That Come With Some Money Transfers on Apps

April 24, 2020

Via: The New York Times

Money transfer apps, which allow you to quickly pay friends and family through your smartphone, have grown in popularity in recent years. And the coronavirus pandemic has only expanded their use — to pay gig workers, make donations or simply […]

Retail Banking

This bank is eliminating all fees from its checking and savings accounts — why you should tread cautiously

June 19, 2019

Via: Market Watch

Discover DFS, -0.28% is eliminating fees for its deposit accounts — including checking, savings, money market or certificate of deposit accounts. But consumers looking to avoid fees should think twice before signing up, experts say. Consumers with a Discover Bank […]