What does ABA, CUNA, ICBA, and NAFCU have in common?
We've all joined together to fight the Durbin Amendment, which authorizes the Federal Reserve to set the rate of the interchange fee.
If the Federal Reserve sets the rate too low, it will mean that community banks and credit unions will be harmed and will be forced to make up for lost revenue by
Eliminating free checking
Charging for online banking
Eliminating or charging for rewards programs
Annual fees for debit cards
Check out video.
Go to stopthedebitcardrule.com to find out more.
Keith - well done. I could not agree more.
ReplyDeleteAnthony Demangone
Vice President of Regulatory Compliance
National Association of Federal Credit Unions
We already pay the interchange fees in the form of higher prices! Only under the current scheme these fees are not transparent and can be converted to profits by the bank. Putting a price on a checking account would be preferable over hiding the true cost in the form of interchange fess that no one except the banks can decipher.
ReplyDeleteThe dishonesty of this lobbying campaign is just another example of how disinterested/unable banks are in serving the interests of their customers.
I guess the Banks are angry that their gravy train of sucking fees from the consumer is coming to a halt - if you believe the crap posted on this web page you deserve to be charged more fees by your bank so they can pay out huge bonuses and not not pay taxes.
ReplyDelete