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Death To Bank Debit Card Rewards Programs
Why are major banks like SunTrust, WellsFargo and JP Morgan Chase ending their debit card rewards programs? Not too long ago banks were rolling out big marketing campaigns to encourage you to use your debit card instead of your credit card or cash. Thanks to the U.S. government interfering with how banks price their services, consumers are losing yet another choice and perk from the menu of financial services.
What Are Debit Card Rewards Programs? Debit rewards programs incented customers for actions like spending, carrying high balances and making minimum deposits. Then, customers redeemed the points they collected for cash or gift cards or even electronics. A classic example is Bank of America's Keep The Change program. The premise is if you use your debit card to purchase an item, the bank will round up the transaction to the nearest dollar and put the difference into your savings account; in other words, keep the change.
Second Chance Bank Account If you are in trouble with ChexSystems or Telecheck and were denied opening a new bank account, there are options available. Most major banks require a minimum credit score in order for you to be approved for a checking account. Services such as Icon Resources will match you to a second chance bank account: FDIC insured bank account for customers with bad credit. 100% approved. No credit check required. No ChexSystems verification required.
Government Meddling Kills Your Rewards Whenever you swipe your debit or credit card, the merchant you make the purchase from has to pay a small fee to your bank. Up to now, that fee averaged about 44 cents. The government established a new rule which caps this fee at 21 cents plus 1 cent to create a fund for fraud losses. As a result, banks are losing billions of dollars in revenue ; monies that that funded the rewards programs.
Industry Fights Back Government price fixing should concern all consumers. "The debit card that we know and love today will never be the same again if this rule goes into effect," said Trish Wexler, a spokeswoman for the Electronic Payments Coalition, which represents Visa, MasterCard, credit unions and banks. "Some people will have to pay more per transaction, some people won't be able to make certain purchases, and customers are going to have a choice; do I switch to credit, go to a prepaid card and pay for extra fees, or go to a nontraditional bank if I don't have a credit card?"
Debit Card Purchase Limits Considered Imagine enjoying a nice dinner at a restaurant only to have the server advise you that your debit card was rejected. You know you have plenty of money in your account so what could be the problem? Banks are considering transaction limits of $50 or $100 to discourage debit card use in light of the government's new cap on swipe fees. Once again, too much government meddling may prove to harm consumers.
Author Resource:-
Nathan Randall, editor, Daily Dollar Newsletter provides free daily advice on money matters plus coupons and discount codes. FYI...you can now access the Daily Dollar Newsletter via iTunes podcast, YouTube video, and on Facebook and Twitter too.
Would you like to have a consistently reliable source of loans for your small business? Then you must learn how to invest in your lending relationships. Only then will you have a stronger and more durable partner for business financing. So let's explore how you can unlock the secrets to reliable lending relationships
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Business loans have ancillary terms and conditions which govern the actions of the borrower and provide remedies for the lender. The smart borrower knows where the miscellaneous landmines are buried in the business loan and takes action to limit lender interference in daily operations.
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There have been plenty of headlines lately about the outrage consumers are expressing over the proposed debit card usage fee that many banks announced. The new debit card fee would zap as much as $5 per month from your account if you used your debit card for purchases (not at the ATM). Florida credit unions have seen membership surge as customers leave big banks, reports the St. Petersburg Times.
Based on the rapid retreat by banks to charge us for using our debit cards, there's no doubt that American consumers are unified in their outrage. Case closed. However, there is a fair fee that banks should impose on us immediately to help recoup the massive revenue loss that banks suffered when the government passed regulations which capped off swipe fees. Shut the front door! It is only fair!
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