Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

Bank Of America's Dark Cloud: Wall Street Reform

Monday, July 19, 2010 - 8:14 PM
Interesting read about how much banks have been making off of interchange fees from debit cards. According to this CNNMoney.com article:
Bank of America executives said the new rule would reduce fees earned from debit cards anywhere between 60% and 80% starting in the second half of 2011. This year, the company said it expects to produce $2.9 billion in revenue from that business.


The article mentions that regional banks such as KeyBank, Regions, Fifth Third and TCF Financial will be hit even harder. In 2009, 10% of TCF's revenue came from interchange fees.
1
Ken TuminKen Tumin5,473 posts since
Nov 29, 2009
Rep Points: 125,800
darkdreamer4udarkdreamer4u178 posts since
Jun 11, 2010
Rep Points: 638
Reply