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“Our hope is that the proposal is put on hold,” Todd Maclin, CEO of commercial banking at JPMorgan Chase, said at a recent conference, according to the newspaper. “If they do that, we will reinstate all the rewards and benefits that we had in place.”
[Related: Buried By Letters, Fed Needs More Time on Debit Fees]
The granting of points for Chase’s debit card rewards program is currently scheduled to be completely halted by July 19, and the bank is also mulling a service fee for customers who still carry the account, the report said.
The Federal Reserve’s proposed rule would limit debit card transaction fees charged by banks to just 12 cents, down from a national average of 44 cents per transaction, and the final version of that rule could be put into place by late July.
September 13, 2021
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January 28, 2021
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