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.
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.
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.
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.
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.
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.
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.
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.
