"Prepaid debit card users face fee hike; Consumers to bear rate cut to retailers" June 21, 2011|By Daniel Wagner, Associated Press
WASHINGTON — Millions of poor Americans who use prepaid debit cards could soon face higher fees.
What appalling leeches.
Under a rule to take effect in July, companies that issue debit cards must reduce the fees they charge retailers. To recoup their lost revenue, banks that offer the cards are raising fees for people who use them.
That finance law really didn't mean shit. Plenty of loopholes for banks.
People who use prepaid debit cards, typically low-income consumers and those collecting government benefits, are supposed to be shielded from the fee hikes. To protect them, the rule provided an exemption: It let companies that issue prepaid cards keep charging retailers higher rates.
But that exemption could take up to a year to enact. In the meantime, card companies will probably charge users of prepaid cards higher fees to recoup the lost revenue....
I would like to recoup all the bailout and war money. How's that?
--more--"
Also see: Banks Reserve Profits For Themselves
In For a Penny, In For a Pound (of Flesh)
Time for the people to start taking their own.
Next Day Update: Bank to charge for lost debit cards
