USAA Bank ending debit-card rewards

[mickeyd]

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.

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

 

[chinaco]

That is a change I will happily accept. They are just handing me back a small cut of the money they charged me!

 

[East Texas]

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.

 

[kyounge1956]

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.

 

[Brett_Cameron]

+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

 

[ziggy29]

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...

 

[mickeyd]

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.