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    KeyBank sees new debit fee cap costing up to $60M

    AP – Tue, Jul 5, 2011

    NEW YORK (AP) — KeyCorp on Tuesday said it expects the new debit fee cap to result in a revenue decline ranging between $50 million and $60 million a year.

    In a regulatory filing, the parent of KeyBank offered the estimate after the Federal Reserve last week set a cap on the fees banks may charge to merchants for processing purchases made with debit cards.

    The Fed set the cap at 21 cents per transaction, plus 0.05 percent of the amount of the purchase to cover costs for fraud. An additional penny could be added if the bank meets certain requirements showing it is working to prevent fraud.

    Analysts have said the typical fee, known as interchange, will likely fall to 24 to 26 cents, from the average 44 cents now. The rule, which takes effect on Oct. 1, was required under the financial regulatory overhaul law passed last year.

    KeyCorp based its estimate on charging the maximum fee allowed per transaction. The total could be offset "from other fees or charges that may be implemented," the bank said, but it did not offer details as to what those might be.

    Banks lobbied against the cap by threatening to implement new fees like annual fees for debit card use, higher ATM fees and fees for checking accounts. Debit rewards are another area consumers may see reduced or eliminated to offset the costs of the cap. Some banks have already implemented such changes.

    KeyCorp shares closed Tuesday trading down 14 cents at $8.30. The stock was unchanged in afterhours trading.

     

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