Yesterday, the Federal Reserve cut the maximum debit interchange fee to about $0.24 for the average debit card transaction, which was recently about $38. Currently the fee for the average size debit transaction is $0.44, so the new rule represents a 45% decline. However, this new $0.24 cap is much better for financial institutions than the initial $0.07 to $0.12 cap the Fed proposed back in December-2010. As a result, free checking may continue to be offered by big banks. If you recall, back in Feb-2011, the WSJ reported that some of the largest banks were starting to remove rewards programs on debit cards while others began charging $3 monthly fees to have a debit card.
Source: Brick and Associates
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