Big Banks Are Quietly Plotting to Raise Your Debit Fees. It Might Destroy Them.
Major US banks are plotting to buy a debit-card network to bypass regulatory caps and hike interchange fees. While this threatens to raise costs for everyday consumers, it might be the banks’ biggest mistake yet. Their greed could accelerate the adoption of real-time payment systems like FedNow, bypassing card networks and destroying their own dominance.