NRF Says Banks Mislead Consumers on Debit Card Fees
The National Retail Federation announced today that it has filed comments with the Federal Reserve Board on the subject of fees charged by banks for consumers using a PIN number with their debit cards.
"Annual statement disclosures are insufficient -- they get buried among a host of other disclosures and they are rarely clear," NRF Senior Vice President and General Counsel Mallory Duncan said. "Only a concrete disclosure at the point of sale will make it clear and allow consumers to effectively comparison shop among banks and encourage efficiency in the marketplace.""Customers come to us with their bank statements and express their surprise -- to put it mildly -- that they have been charged for entering their PIN," Duncan said. "Once we overcome their disbelief and explain the true source of the charge, the customers' anger is immediately directed at their banks. But this job should not be the retailer's responsibility."
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