Saturday, October 29, 2011

Some of US banks cancelled charing debit card transactions

JP Morgan Chase bank disclosed on 28th that they will no longer charge fees in debit card transaction because of so many consumers’ complaints.  During past 5 weeks JP Morgan Chase bank planned charging debit card transaction, however, when BOA announced that such charges had lead a widespread criticism, JP Morgan Chase bank decided to cancel the plan in mid-November and they will be added to the list of other eight banks including Citibank and stop charging in debit card transactions. USA Congress passed Dodd-Frank Act last year and the standard fee of commercial debit card transaction had been deducted to be a half, which leaded a lost revenue of about 6 billion dollars. In order to compensate for the loss, some banks began to charge 3 to 5 dollars in average debit card transactions.

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