Wednesday, September 9, 2009

Credit Card and Bank Fee Regulation

Recently passed credit card legislation (http://www.nytimes.com/2009/05/20/your-money/20money.html) limits issuers' actions with respect to fees. But the legislation does not cover debit cards. Fees have been a major source of bank profits, and according to a recent article in the New York Times, debit card fees have supplanted credit card fees as a source of bank revenue (http://www.nytimes.com/2009/09/09/your-money/credit-and-debit-cards/09debit.html?_r=1&hp). Some bank practices with respect to handling transactions raise ethical concerns.

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