Changes to bank fees on July 21st - KPLC 7 News, Lake Charles, Louisiana

Changes to bank fees on July 21st

Next week the Federal Reserve will limit the amount banks can charge retailers for debit card transactions.

Currently, banks charge retailers an average of 44 cents each time a debit card is swiped.

But on July 21st, banks will not be able to charge more than 12 cents per transaction.

The new regulations are actually part of a financial reform package passed last year by Congress. At the time, many considered it positive news for Main Street.

Critics say banks will pass any losses they incur because of the new regulations on to consumers in the form of higher ATM transaction fees, checking accounts and other services.

The new regulations only impact big banks with assets over $10 billion.

Though Jeff Davis Bank would not be impacted by the regulations, bank officials recently announced plans to lower overdraft fees by ten percent.

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