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By Michael Widlanski
Leveling the battlefield to aid terrorists enables evil to fight on
Topic - Richard Morris Hunt
The lawmaker who led the charge against hefty new bank debit-card fees is turning his attention to checking accounts.
On Monday, SunTrust Banks became the latest financial institution to stop charging for debit cards, making the move after the new fees proved wildly unpopular with customers.
Starting Saturday, "swipe fees" that banks charge merchants when customers make debit-card purchases will be capped.
Consumers are finding themselves squeezed in a heavyweight bout between the nation's big banks and big retailers over the "swipe fees" imposed when shoppers use their debit card at the register. And both sides warn the little guy will suffer if the other side wins.
"We have to improve fraud prevention across the board," he says. "There are people who get up every day across the world with one mission and that's to break credit card technology. But there's no magic pill out there. The solution involves everyone."
Richard Hunt, CEO of Consumer Bankers Association, says that in cases of major fraud, banks have generally been able to collect only pennies on the dollar from the retailers involved.