The Consumer Financial Protection Bureau issued a report that said Americans are paying tens of millions of dollars in fees to access their own money when getting cash back at large retail stores when making a purchase with a debit or prepaid card.
CFPB report: Retail chains charging cash-back fees to customers using debit cards
August 28, 2024 / By ICBA
The Consumer Financial Protection Bureau issued a report that said Americans are paying tens of millions of dollars in fees to access their own money when getting cash back at large retail stores when making a purchase with a debit or prepaid card.
The Consumer Financial Protection Bureau issued a report that said Americans are paying tens of millions of dollars in fees to access their own money when getting cash back at large retail stores when making a purchase with a debit or prepaid card.
Details: While retailers have typically offered cash back on debit card purchases for free, the CFPB said that this is changing, particularly at dollar store chains serving small rural towns, communities of color, and low-income communities. The CFPB said three companies among the eight large retail companies it assessed collect an estimated $90 million in fees annually.
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