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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 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.
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