FineMark's Stance on Debit Card Fees

10/07/2011

You’ve likely heard a number of banks are adding monthly charges for debit card use. This comes after the Federal Reserve capped debit card interchange fees, or so called swipe fees.

These fees are established by payment card networks and ultimately paid by merchants to debit card issuers for each electronic debit transaction.

Until recently, merchants paid an average of 45 cents per transaction, but on October 1st the Federal Reserve capped the fees at 21 cents per swipe, basically cutting them in half.

So, what is FineMark doing? We have no current plans to add debit card fees. In fact, FineMark debit card holders earn bonus points towards travel and merchandise rewards for using their debit card. While other banks are taking away these reward programs and adding on fees for usage, FineMark is doing the opposite. For more information on our rewards program click here.

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