Banks sock it to customers as regulations take effect
By Rachel Bennett
(RNN) - Thanks to new bank regulations that take effect Oct. 1, many checking account customers can expect to see their fees rise simply for having an account.
The new regulations limit how much money banks can charge businesses for accepting debit card purchases. Each swipe of a debit card by a cardholder costs businesses a percentage of the sale.
Under the new regulations, banks are limited to a $.21 charge on debit card swipes. It's a more than 50 percent decrease from the previous average of $.44 per use.
The new regulations are expected to cost banks a lot of money.
