Just a theory – big banks wanted to curtail debit card use


Published: November 20,2011

Maybe those monthly debit card fees the big banks tried had a purpose beyond recouping money lost to lower payments from merchants on debit card transactions.

Media reports speculate that the big banks figured you would leave your debit card at home and begin using that consumer credit card they issued you. That would bring smiles all around the board rooms, as the banks would get around 2 percent from the amount of each credit card transaction and likely earn some big interest from unpaid monthly balances.

That 2 percent is far more than they would get from the typical swipe of a debit card, said LowCards.com in a web post.


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