Bank of America Running Debit Card System for Tax Returns in South Carolina

By: Wednesday February 29, 2012 9:35 am

Via Pat Garofalo, here’s another income stream for the banks that has opened up in the past few years. Call it another “financial innovation.” I’m talking about debit cards to deliver benefits. Banks issue the debit cards, which allow recipients to access welfare or unemployment benefits, and they make a small profit on fees from [...]

Big Banks Turn Unemployment Benefits Into a Profit Center

By: Sunday November 13, 2011 3:05 pm

Despite big banks putting up a brave front, there’s a good deal of anecdotal evidence that individual managers are trying desperately to stop customers from moving their money. Whether it’s just throwing up additional hurdles like a $10 closure fee, or outright begging customers to stay, or bad-mouthing credit unions or community banks, or simply [...]

BofA Debit Fees Offers Opportunity for Perfect Information to Drive Competition

By: Friday September 30, 2011 1:51 pm

Ever since Bank of America and other banks announced their monthly fees for using debit cards for purchases (BofA is leading the way on this with their $5 monthly fee), I’ve heard an elevated amount of conversation about it from friends and passersby. Most public policy doesn’t grab the person in the street, but charging [...]

HuffPo Expose on Swipe Fees Blows the Lid off Lobby Culture in DC

By: Thursday April 28, 2011 8:45 am

There’s a conceit that Congress is where public servants go to improve the quality of American life. OK, nobody has that conceit anymore. But surely many believe Congress has a set of priorities other than what Zach Carter and Ryan Grim describe in a spectacular piece today, which is as a mediator between competing corporate [...]

Credit Card Industry Using Student Loan Process to Get to College Kids

By: Monday October 4, 2010 2:05 pm

The Justice Department reached a settlement with two credit card companies over anti-competitive practices. Under the settlement, Visa and MasterCard would agree not to prohibit businesses from offering their own rebates or discounts from using a certain type of card. DoJ kept their lawsuit going against American Express: “We want to put more money in [...]

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