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PerkStreet aimed to be a different sort of financial institution, one that rewarded its users with cash back on debit card purchases, helping them avoid credit card debt.
Bank of America had a one-way conversation about charging a $5 fee on debit cards, and its customers forced the global bank to reverse itself and apologize.
Lloyd Constantine is one of the lawyers who argued that MasterCard and Visa were gouging retailers on debit card fees and won a $3 billion settlement.
"My spending is all on debit cards".
Financial companies cited price controls on debit card transactions.
Credit card companies will look to maintain higher fees on debit cards.
Some industry players are pushing to abolish transaction fees altogether on debit card payments.
Last year, they started imposing new fees on debit cards after new regulations restricted other charges.
Retailers now pay roughly 21 cents a transaction on debit card purchases.
But both Visa and MasterCard prohibit surcharges on debit cards — Catch-22!
And many large banks would feel the pinch of lower transaction fees on debit cards.
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