Originally Posted by
HoKo
This is a direct result of legislation recently passed that puts a cap on the fees banks earn for debit card transactions. Previously banks were earning 1-2% of each transaction, now they will be capped at a fixed amount of 7-12 cents!
No wonder Chase and other banks are nixing debit card swipes to avoid monthly fees.
Oh, come on. Don't buy their crap. This is basically a money grab because they are pissed at the government at capping their fees and they have the scale to effectively tell the government and consumers "Screw you". It's not like they actually need the money (correction: they wouldn't if they stopped making lousy investments), it's because they can.
Meanwhile, somehow card issuers in Europe and elsewhere have long figured out how to survive on tiny commissions.
EDIT: Anyway, I closed both my accounts today. Bye, bye Mr. Dimon.