Because lawmakers have capped what U.S. banks can charge merchants that process debit card transactions, banking officials say they will likely charge other fees to make up for the lost revenue, Reuters reports.
During the ATM, Debit and Prepaid Forum, an industry conference held in Las Vegas, executives for several regional banks stated the new caps imposed by lawmakers will lead to monetary losses totaling $8 billion annually. To help offset the lost revenue, lenders may begin to charge customers fees for their overall banking accounts, rather than just debit card use.
"There's no one silver bullet," said Eduardo Tobon, CEO of U.S. cards and payments for a leading banking organization, according to Reuters.
The news source reports that in addition to the customer fees, they may also adopt prepaid cards and emphasize credit card use. While processing fees are capped for debit cards, they aren't for credit cards.
To avoid high fees related to credit accounts, consumers should ensure they check their credit reports. Inaccurate notations may indicate to lenders that consumers have not made payments when they actually have, dragging down their scores.