Another bank has decided to end its debit card rewards programs in effort to recoup revenue that will be lost due to the Durbin Amendment.
BMO Harris Bank has announced that its Harris Everyday Benefits debit card rewards program will shut down completely on Jan. 1, according to MyBankTracker.com.
Starting Oct. 1 of this year, BMO Harris Bank customers will no longer be able to enroll or earn points in debit card rewards program and must redeem their points accumulated before Oct. 1 by Dec. 31.
This change will apply to customers who carry BMO Harris Bank cards, including the Harris Debit MasterCard, Harris Platinum Debit MasterCard, Harris Debit MasterCard Fresh Start and Harris Debit MasterCard BusinessCard, MyBankTracker.com reports.
“A recently enacted federal law, commonly known as the Durbin Amendment, will have a significant, industry-wide impact on debit cards and the debit card benefits we’re able to provide your,” BMO Harris Bank said, according to MyBankTracker.com.
Like many other banks, BMO Harris Bank has already ended its free checking account service and has begun charging monthly account fees.
Wells Fargo and SunTrust have gone even further with their efforts to supplement their lost profits by charging a monthly fee when customers swipe their debit card for purchases.
BMO Harris Bank has not indicated it that will add similar types of charges, according to MyBankTracker.com.