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DCA Member Bank of America Cuts Overdraft Fees 

Bank of America will reduce overdraft fees from $35 to $10. The move by DCA member BOA was made to provide relief to customers least able to afford overdraft fees. BOA, the second-largest bank in the US, also announced it would eliminate nonsufficient-funds fees next month and transfer fees for overdraft protection in May.

DCA Insight:

BOA should be commended for the move to drop bank fees that disproportionately impact low-income customers, including Black and Latino Americans. This move will provide cash-strapped families with much-needed relief and help set a new tone in the industry for fairness and inclusion.

Credit Reports to Include Buy Now Pay Later Info

Installment plans are growing in popularity. In response, Equifax announced it will include info about pay-in-4 plans in its credit reports to provide lenders with a more complete picture of consumers’ financial commitments.

DCA Insight:

Increasingly, retailers offer buy-now-pay-later as a purchase incentive, giving consumers the option to make four payments over time at checkout online and in stores. Offered by Afterpay Ltd., Klarna Bank and others, the payment plans until now haven’t been reflected in credit reports. For responsible consumers with thin credit files or short credit history, this is a smart way to affordably finance purchases—and boost credit scores to enable more borrowing power.

Cryptocurrency Lenders To Check Credit Reports 

Consumers are now able to provide blockchain companies access to their personal credit scores through the security firm Spring Labs. Specifically, DCA members TransUnion and VantageScore will provide scores to allow cryptocurrency investors to borrow based on their creditworthiness.

DCA Insight:

This move opens up new opportunities for consumers. The ability for lenders to check a borrower’s creditworthiness may result in borrowers receiving loans under better terms than they could otherwise get, i.e. without requiring collateral. By providing credit and identity data on the blockchain, more consumers will be able to participate in the crypto market while remaining compliant with regulators.

Banks Make It Easier To Get A Credit Card 

Almost 30 million credit cards were issued to people with credit scores of 660 and below in 2021, a signal that the US economy (and Americans’ finances) is strong, according to DCA member and credit reporting firm TransUnion. About 33% of banks reported easing credit standards during the fourth quarter of last year, compared with 4% during the same time period the previous year.

DCA Insight:

In early 2020 lenders fearing missed payments in the economic upheaval of the pandemic tightened loan approval standards. Riskier borrowers were locked out of credit market. But, stimulus payments and expanded unemployment benefits helped to lower balances—and limit payment defaults.

EPISODE 98: Rethinking Loyalty for Specialty Merchants and Every Customer

This week on Commerce Code we speak with Simon Goldstein, Founder & CEO of Rethink Loyalty, and Doug Glazer, Sr. Director, Customer Loyalty & Gift Cards at Fanatics. We discuss the broad base of consumers and how loyalty programs can engage those consumers with their favorite brands, even when purchases with those brands are not necessarily frequent or large.
Digital Commerce Alliance members include the largest and most innovative companies in fintech, payments, retailing, e-commerce and mobile wallets. Members include Microsoft, Samsung, Rakuten, UBS, RBC, Mastercard, Discover, FIS, LVMH-24S, Hilton, Fidel, Augeo, Collinson and many more in 17 countries and 4 continents.
We bring their insights from around the world straight to you in an informative new podcast called Commerce Code. The podcast features insights, interviews and the latest news from DCA members around the world. Stay connected and subscribe to Commerce Code.

Please Welcome Olive to Digital Commerce Alliance! 

Olive is an end-to-end empowerment solution for financial institutions, wealth managers, retailers, and charities. The platform offers customers tools to help individuals and families accelerate their personal financial goals. Grounded in open banking principles, Olive securely provides transaction rounding, cashback rewards, and corporate matching tools in a single platform, helping drive recurring contributions and accelerating savings. The AI-enabled insights platform provides partners and merchants with visibility into aggregated consumer behaviors, allowing experience personalization.
For more information visit,

Please Welcome Rethink Loyaty to Digital Commerce Alliance! 

Rethink Loyalty rewards customers everywhere they shop across 65,000 locations. They provide merchant-funded offers that finance loyalty programs, turning them from a cost into a profit center. Rethink Loyalty helps merchants identify, capture and keep high spending loyal customers. They also provide their merchant partners with unlimited free impressions and clicks through their network of 55 million targeted consumers. Here’s how they’ve helped Fanatics, the world’s largest retailer of sports merchandise, enhance loyalty and boost engagement!
For more information visit,

Upcoming Conferences

CardLinx Europe Forum

Tuesday, February 22, 2022 | Via Zoom

Card-linking & Loyalty: What Drives Interoperability (and Eliminates Friction)?

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Digital Commerce Alliance Forum

Tuesday, March 22, 2022 | San Francisco, CA

Bitcoin and Cryptocurrency: How the Roles of Currency and Technology Are Evolving

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Mobile Wallet Forum

Tuesday, April 26, 2022 | Las Vegas, NV

Mobile Wallets and Contactless Payments: What’s Driving the Next Generation of Mobile Commerce?

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Financial Data Forum

Tuesday, May 17, 2021 | Washington, DC

Data Personalization, Transparency, Security, Interoperability: How Best Practices Apply

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