Debit fee cap: Don't expect any windfall

  • Article by: EDWARD WYATT , New York Times
  • Updated: June 29, 2011 - 9:55 PM

Retail prices might ease a bit eventually, but banks warned that they may raise other fees.

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cjw_55106Jun. 29, 11 1:13 PM

I guess this is good news. That being said, I'm sure it wont be long before they find another way to take money from their customers.

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swschradJun. 29, 11 1:19 PM

the lawsuit was CEO Cooper's bile boiling over, nothing more. his bank was built on the pillar of "free checking always", which he dumped in pique when regulators started looking hard at asset quality in 2010. TCF didn't have an issue with assets, but the leaders had one with the policy. rest assured, TCF will continue to earn healthy profits in spite of the new laws, and Cooper may eventually get into politics himself, instead of influence events from the edges.

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unknownfritoJun. 29, 11 1:20 PM

I wish this article explained how/why TCF thought the new bank swipe fee law was unconstitutional rather than just stating that they thought it was unconstitutional.

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orpheus90Jun. 29, 11 1:39 PM

I notice that TCF automated tellers are suddenly disappearing around town. I have to suspect that TCF would prefer its patrons not have convenient access to their cash, forcing them to use their debit cards instead. It appears TCF will attempt to compensate for cuts in swipe fees by driving up the number of customer debit card swipes.

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Slider451Jun. 29, 11 1:41 PM

I left TCF a few months ago after having an account there for 25 years, when their new fees made it prohibitive for me to trust my money with them. They function like a 20th century bank, archaic and obsolete. This case is just another example.

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mcprogersJun. 29, 11 1:46 PM

Grammy says TCF sux. Worst bank on the planet

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swimraftJun. 29, 11 1:51 PM

Telling someone what they can charge a customer should be unconstitional. This will be hard for the smaller banks offering better service for a price. I never liked paying those transaction fees but as a business/corporation we had the freedom to shop around - and did. Government should simply stay out of the way.

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MrFlamJun. 29, 11 2:09 PM

So all of those businesses are going to pass those savings on to the customer and lower their prices right? Yep...I'm sure they will. If you look at who was behind this "Main Street America" push it was little Ma and Pop stores like Wal-Mart and Best Buy. Germany did this about four years ago and it killed their GNP. The retailers kept their prices right where they were and the banks raised their fees. The banks probably were screwing the businesses over but now the consumer is going to be hit on both ends.

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larrymickJun. 29, 11 2:17 PM

I fully expect that the cost of retail goods will drastically be reduced once the new swipe fees go into effect. The retailers said it's all about the consumer, right? Not to increase their bottom lines, right?

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toaster2Jun. 29, 11 2:28 PM

You know, Mr. Swimraft, one reason why we are now in a chronic state of near economic meltdown is because the government did "simply stay out of the way." In case you had not noticed, the banks, through their lending practices and 8 years of absentee regulators courtesy of the W administration, have put the US into an economic stall. It is really remarkable that the free-marketeers out there keep saying that we need more of what got us where we are now. As much as I am for personal freedom, I am not a big fan living in a plutocratic state of anarachy. How about the anti-regulation crowd set up shop in their own country (which will likely rhyme with Louisiana or maybe Mississippi) where they can free-market to their hearts content while the rest of work towards a brighter future.

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