In a soon-to-arrive consequence of the Dodd Frank Wall Street Reform and Consumer Protection Act, Regions Bank in mid-October will begin charging customers in Mississippi and elsewhere a $4 monthly fee for debit card use.
The financial services sector has been predicting for the past year that Dodd Frank’s mandated cut in swipe card fees paid to a debit card’s bank would force banks to offset the revenue losses. Other banks in the Magnolia State are holding off assessing the fees, though Wells Fargo is test marketing a $3 monthly debit card charge in Georgia and four other states in the West and Northwest.
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