CFPB finds large retail chains charging cash-back fees to customers using debit and prepaid cards

The Consumer Financial Protection Bureau published a report this week finding Americans are paying tens of millions of dollars in fees to access their own money when getting “cash back” at large retail stores when making a purchase with a debit or prepaid card. These fees are occurring against the backdrop of bank mergers, branch closures, and prevalence of out-of-network ATM fees that have reduced the supply of free cash access points for consumers.The CFPB’s press release with a link to the report is here.