Time to Switch to a Small Bank?

You many find more perks at community banks and credit unions because they're exempt from a new ruling on debit-card fees.

The Federal Reserve cut a little slack for banks June 30.

Earlier this year, the Federal Reserve Board proposed capping the fee that banks charge merchants every time a customer uses a debit card. Banks now charge an average of 44 cents per transaction. But the Fed's proposal would limit the fee to 12 cents starting July 21. Some large banks quickly responded to the proposal by eliminating debit-card rewards -- a preemptive move to compensate for the potential loss of revenue from debit fees -- and threatening to cap debit purchases at $50 to $100.

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Cameron Huddleston
Former Online Editor, Kiplinger.com

Award-winning journalist, speaker, family finance expert, and author of Mom and Dad, We Need to Talk.

Cameron Huddleston wrote the daily "Kip Tips" column for Kiplinger.com. She joined Kiplinger in 2001 after graduating from American University with an MA in economic journalism.