In the wake of the Credit Card Accountability Responsibility and Disclosure Act, banks throughout the nation have begun tweaking fees that will compensate for other consumer advantages passed by the federal government during the economic meltdown. Already three of the nation's largest banks have started to scale back programs meant to boost consumerism, the Columbus Dispatch reports.
JP Morgan Chase & Co. announced that it will eliminate its debit card rewards program, while raising ATM fees as much as two dollars in some states. PNC Bank is reducing the amount cardholders can earn back when using their ATM cards at other banks, and Bank of America has introduced a $59 annual fee for 5 percent of its cardholders. These decisions come at time when many banks are raising fees for checking accounts. "What you have are banks trying to come up with any additional revenue stream they can," Bill Hardekopf, CEO of LowCards.com, told the Dispatch. The Birmingham News reports that the Federal Reserve passed a new rule that would increase compliance standards for credit card companies that wish to issue cards to consumers with poor credit ratings or a history of poor credit management.