City National Bank will not impose monthly debit card fees
City National Bank will not impose monthly debit card fees on its customers.
"City National believes that the right thing to do for our clients in this economic and political environment is to absorb the significant added costs," Russell Goldsmith, the bank's chairman and CEO, said Thursday.
In a statement, Goldsmith said the added costs had been "unfairly imposed on all banks by the Durbin Amendment."
The amendment was part of the Dodd-Frank financial reform legislation which capped so-called "swipe fees" that card networks charge merchants per transaction. As of Oct. 1, the fee was 21 cents, about half of the 44 cents retailers had been paying.
"Since, regrettably, that new law does not require any benefit for consumers, we believe it is unfair to burden our clients with a new charge," Goldsmith said.
Based in Los Angeles, City National operates nine branches in Nevada.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.
