MasterCard and BofA forge credit card fee deal
MasterCard and Bank of America, the leading retail bank in the US, have agreed a deal where the former will provide pricing discounts on fees in exchange for higher transaction volumes on MasterCard-branded Bank of America cards.
<p>Quoting a SEC filing as its source, ATM Marketplace.com has reported that Bank of America will benefit from special rates on fees for using MasterCard's authorization, clearing and settlement services on certain supplemental user-pay services in the US.<br /><br />Under the arrangement, MasterCard will provide Bank of America with an annual incentive, based on certain volumes, and will pay a bonus each year when the targeted volumes are met, the ATM Marketplace.com article states. <br /><br />However, details of the arrangement have not been released.</p>
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