Customers have turned cautious and banks are getting pinched
Deposits have piled up, curtailing overdrafts and other fees. The trend could force lenders to find other ways to make money — or start cutting to the bone. ... Read full article
News Topic: Card fees
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Truliant revamps flagship credit card as broader credit usage declines
The $3.1 billion-asset institution's product will not carry any fees and offers a variable APR. ... Read full article
Consumers anxious about virus want reassurance from banks: J.D. Power
Customers are increasingly concerned about taking a financial hit from the COVID-19 crisis and want to know more about fee waivers, credit-line increases and other things banks could do for them. ... Read full article
Fee momentum timely for U.S. Bancorp
Executives at the Minneapolis bank, who expect two Fed rate cuts this year, said they can rely on growth in noninterest income to soften the blow. ... Read full article
Wells Fargo offers new student card benefits after backlash
Wells Fargo said holders of its student cards will see their costs decline by about half as its expands benefits after drawing scrutiny earlier this year for high fees on college campuses. ... Read full article
Large grocery chain widens ban on Visa credit cards
The move by Kroger Co. comes in response to rising interchange fees on Visa's premium credit cards. The cards will be banned at 142 Smith's stores in the western U.S. ... Read full article
Bank stocks plunge but CEOs bullish; BofA makes exec changes
While equity prices drop an average 5% at big banks, bosses express confidence in the U.S. economy; the bank appoints new managers in payments, consumer banking and marketing. ... Read full article
Refund checks sent to more than 430,000 NetSpend prepaid card users
The payments, which total more than $10 million, stem from a 2017 settlement with the Federal Trade Commission. The agency charged that NetSpend deceived consumers by advertising that they could get immediate access to their funds. ... Read full article
CFPB says credit card debt is back at pre-recession level
Credit card debt hit $807 billion in the fourth quarter of 2016, with consumer balances on average exceeding $4,800, according to a report released by the Consumer Financial Protection Bureau. ... Read full article
Amex will need to convince justices that its rules help consumers
In a surprise move, the Supreme Court will decide whether Amex may bar merchants from steering customers to less expensive card networks. The card issuer will have to prove the consumer gain from its practices outweighs the merchant pain. ... Read full article
Democrats push CFPB's Cordray to move on overdraft rules
House Democrats are lobbying for a bill to reform the way banks charge overdraft fees, but recognizing that Republicans are unlikely to take up the legislation, they are hoping the CFPB can act on its own. ... Read full article
Stop ATM fees on unemployment aid, consumer advocates say
Six states and D.C. still charge in-network fees when unemployed workers cash in assistance delivered through prepaid cards. ... Read full article
Citi, Chase test limits of profitability in credit card rewards race
Banks are going to great lengths to sign up the so-called mass affluent for their credit cards. How far is too far? ... Read full article
JPMorgan accused of nickel-and-diming jurors on debit cards
For some people, jury duty is a dreaded American civic obligation. Now, JPMorgan Chase & Co. is adding another unwelcome element: banking fees. ... Read full article