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USAA Bank ending debit-card rewards
Old 07-09-2011, 11:33 AM   #1
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USAA Bank ending debit-card rewards

When the feds start to play with the banking rules, some customers will lose. As a USAA bank customer who never uses the debit card, this will not affect me too much. Glad that they did not make other changes.

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USAA Bank announced it is ending its debit card rewards program Sept. 1 in response to new federal rule that will cap the interchange or “swipe” fees for banks with over $10 billion in assets.
The new cap, which takes effect in October, will mean less revenue for larger banks. USAA Bank said in a statement it returned the majority of the money it collected from merchants to its customers in the form of benefits, including free checking, ATM-fee refunds and debit rewards.


Read more: USAA Bank ending debit-card rewards - San Antonio Express-News
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Old 07-09-2011, 01:23 PM   #2
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That is a change I will happily accept. They are just handing me back a small cut of the money they charged me!
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Old 07-09-2011, 02:25 PM   #3
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That is a change I will happily accept. They are just handing me back a small cut of the money they charged me!
+1.

The "rewards" part of my USAA checking account was just a little extra icing on an already sweet deal. I'm happy with my interest-bearing free checking account and that they will continue to reimburse my ATM fees.
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Old 07-09-2011, 03:28 PM   #4
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I guess these new rules will also mean no more airline miles on my B of A debit card. I have enough for a ticket—guess I better plan a trip.
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Old 07-09-2011, 04:56 PM   #5
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Originally Posted by East Texas View Post
+1.

The "rewards" part of my USAA checking account was just a little extra icing on an already sweet deal. I'm happy with my interest-bearing free checking account and that they will continue to reimburse my ATM fees.
+1
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Old 07-09-2011, 05:42 PM   #6
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Originally Posted by East Texas View Post
The "rewards" part of my USAA checking account was just a little extra icing on an already sweet deal. I'm happy with my interest-bearing free checking account and that they will continue to reimburse my ATM fees.
As far as I remember, the cash back reward was 0.5% on this one, compared to 2% on my Schwab FIA Visa and 1% on my USAA Amex, so if I were going to use plastic, I'd use a credit card, not a debit card, get more cash back *and* more protection from having my checking account looted in case of fraud.

Not expecting the 2% deal to last much longer, but as long as it does, I'll take it...
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Old 07-09-2011, 08:05 PM   #7
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Quote:
so if I were going to use plastic, I'd use a credit card, not a debit card, get more cash back *and* more protection from having my checking account looted in case of fraud.
You are correct sir. A no brainer.
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