1. Wednesday, December 29, 2010 - 5:32 PM
The author of the article states that debit card usage should fall because "proposed rules by the Fed that would cut the interchange fees that banks charge retailers for debit card transactions -- from 1-2 percent of the transaction to a mere 12 cents."
But when you make a non-PIN purchase, don't banks get the credit card interchange fee? I recently signed up for a new reward checking account and they would only accept non-PIN purchases to meet their qualifying requirements. That may be the way reward checking accounts have to go in order to remain viable.
But when you make a non-PIN purchase, don't banks get the credit card interchange fee? I recently signed up for a new reward checking account and they would only accept non-PIN purchases to meet their qualifying requirements. That may be the way reward checking accounts have to go in order to remain viable.
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