Yet another bank is slashing its debit card
rewards fees.
This time it is the US subsidiary of Bank of
Montreal (BMO), BMO Harris Bank, that is following in the footsteps
of peers such as Wells Fargo who are dropping the loyalty schemes
due to the new debit-card swipe-fee regulation under the Durbin
Amendment
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A statement announcing the drop of the rewards
scheme on the BMO Harris website said that the Durbin Amendment
“will have a significant, industry-wide impact on debit cards and
the debit card benefits we’re able to provide”.
The rewards scheme will be dropped after 1
October.
BMO has rebranded its network under
BMO Harris Bank name since completing its acquisition of
Marshall & IIsley.
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By GlobalData
