A week ago today, we put up an angry post I wrote about big banks feeing customers who choose to spend responsibly on debit cards. Why am I angry? Because it’s a deceitful way to push credit cards which seem...
With the legislative changes of the Durbin Amendment coming into effect October 1st, Bank of America has joined the likes of Wells Fargo, Chase and SunTrust Financial with its latest announcement: a $5 debit card usage fee. Read more......
This summer, many banks decided to end debit rewards programs, cancel free checking, and introduce new fees. Many, including the team here at PerkStreet, asked how Big Banks could get away with practices like these when their customers always have...
According to Mastercard Worldwide®, 55% of people don’t know what benefits come with their cards on behalf of the card network. If you're a PerkStreet Financial cardholder, you have in your possession one of the few PLATINUM debit cards issued...
Yesterday, customers of TCF Bank stopped earning points on their debit purchases. It was the death knell marking the end of TCF’s core debit rewards program, Miles Debit Plus. The only surprise here is that the announcement took so long....
On October 14th, Wells Fargo will begin testing something new with its customers in Georgia, New Mexico, Nevada and Oregon: a $3 monthly fee for using a debit card. After announcing in March that they would cut their debit rewards...
At the end of June, SunTrust announced that it was cutting its free checking. Oddly, they didn't notify customers after making the changes. Now that customers are being notified -- a month and a half later -- they’ll have to...
USAA Bank is the latest of the bigger banks in America to announce a drastic policy change: the end of their debit card rewards program, effective September 1. At the end of last week we received a question from a...
In nine days, Chase will end its debit rewards program, mybanktracker.com reports. It’s one of many self-serving, protective measures taken in the last few weeks by banks across the country shuddering in fear at the Durbin Amendment’s new regulation regarding...
In the last 10 days, Georgia-based SunTrust Bank has been robbed once, robbed again, and, to keep the theme alive, is now robbing its customers of the free checking they've become accustomed to.
It's just one more example of Big Banking...
Here at PerkStreet Financial we’re out to fix banking. So in an effort to help our readers better navigate their own personal finances, we’re currently hosting a series called “Fine Print Magnified.” Look for more explanations of financial products like...
You don't have to be a Federal Reserve researcher to understand that credit card rewards successfully entice people to spend more than they should.
Recently, researchers at the Federal Reserve Bank of Chicago took the time to report just that --...
