Be on the lookout for changes5 of 7Because the Federal Reserve is placing restrictions on the transaction fees that debit card issuers can charge merchants, McBride warns that banks will begin to make up that lost revenue with more fee-based debit card rewards programs."Have your eyes wide open," McBride says. "The terms of a reward program can be changed at any time at the bank's discretion."Banks can notify customers a variety of ways, including by email and snail mail. Be sure to ask your bank how it will inform you of potential amendments to your debit card rewards program. Related Articles:Better ways to saveFind great savings rateCredit union study resultsPrepaid card? Don't overpayRelated Links:4 tips to thwart ATM thievesHigh-yield checking studyCommunity vs. big banksShop for savings account rates advertisement
Because the Federal Reserve is placing restrictions on the transaction fees that debit card issuers can charge merchants, McBride warns that banks will begin to make up that lost revenue with more fee-based debit card rewards programs.
"Have your eyes wide open," McBride says. "The terms of a reward program can be changed at any time at the bank's discretion."
Banks can notify customers a variety of ways, including by email and snail mail. Be sure to ask your bank how it will inform you of potential amendments to your debit card rewards program.
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