The new accounts do not offer chequebooks but come with a Visa debit card and a borrowing facility.
BBC: NEWS | Programmes | Moneybox | Bank current accounts challenge
So we've gone for a Visa debit card with chip and pin instead.
BBC: NEWS | Programmes | Moneybox | Bank current accounts challenge
"This modification will help to ensure that Visa remains competitive with respect to Visa Debit card issuance, " the notice said, according to a copy reviewed by Dow Jones Newswires.
The Visa debit card is fully functioning without the restrictions on some cards like Electron and can also be used to take out cash via the Link network worldwide.
BBC: NEWS | Programmes | Moneybox | Bank current accounts challenge
The scheme is targeted toward brokerage clients holding a Visa signature debit card linked to their brokerage accounts.
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Initially released as a beta trial, the GoBank account will include a main deposit account linked to a Visa branded debit card that can be used to make purchases online and in stores.
This week, Visa reported decreased debit card spending in April and May as a result of increased regulations.
If the goods were purchased on a Visa or Mastercard debit card, then you may be able to claim under the Chargeback procedure.
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The decline is primarily because Visa maintains a near monopoly, almost three quarters of total debit card transactions are processed through Visa.
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The payment method will be by debit, credit or prepaid Visa card.
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Target has stepped up its regular rewards program ahead of the holidays by giving REDcard customers a 5% discount on all purchases made online or in stores with a Target credit or debit card or a Target Visa card.
This year, for the first time, debit- and prepaid-card spending in America on Visa is expected to overtake purchases on its credit cards (like MasterCard, Visa is a network that processes cards on behalf of banks).
ECONOMIST: Credit cards in America: Knocked off balance | The
The debit card fees, known as interchange fees, are charged by Visa or MasterCard but are ultimately paid to the issuing banks.
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Also, unlike Visa and MasterCard, American Express only issues charge and credit card products but not debit cards, which have been gaining widespread acceptance over the past couple of years.
Dick Durbin, backed by a strong bipartisan majority, added a provision to the Dodd-Frank financial reform bill to reform debit card swipe fees, which have long been fixed by Mastercard and Visa and hidden from consumers, who get stuck paying the resulting higher prices.
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The new language does relieve uncertainty for Visa and MasterCard by clarifying that the measure wouldn't restrict the fees that the debit-card processing networks charge to banks.
However, after the cap on swipe fees, Visa will try to maintain the current level of authorization and settlement fee make up for the lost revenues on debit card fees.
FORBES: Visa May Go Limp After Big Jump On Fed Fee Cap Ruling
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