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Infographic: New landscape for big banks
In a rare retreat, major U.S. banks are scrapping their plans to impose new fees on debit cards, apparently fearing a customer exodus for 'Bank Transfer Day' on Nov. 5. While it's not a full (or necessarily final) surrender, MNN takes a look back to see how it all went down.
Fri, Nov 04 2011 at 10:06 AM
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itsalllies
Nov 06 2011 at 10:42 PM
The infographic says "the banks still make 19 cents profit per transaction." That is highly misleading. The banks are only allowed to charge a max of 21 cents per transaction. It's not profit at all. What many of us consumers fail to see is that this fee is costing us more. You see every time you make a purchase that fee (on average about 44 cents) was already built into the cost of what you were buying. Do you think business are going to lower their costs to pass you the savings. NO! Then the banks
.... More
have to make up for the loss in revenue all the while the cost of the service goes up every year.
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