Know your rights.
Starting January 27, 2013 retailers can charge you a fee when you use your credit card to buy goods and services.Read More »
Preliminary Approval Granted
Preliminary approval of the landmark settlement between retailers, payment networks and major card issuers, over merchant interchange fees.Read More »
Another Step Closer to Interchange Settlement Approval
The Definitive Settlement Agreement as well as a motion to request preliminary approval has been filed.Read More »
Interchange Fee Battle Update
A settlement has been reached in the long, legal dispute over interchange. Retailers secure the ability to charge customers checkout fees for credit card use.Read More »
It has been three years since the Senate’s passage of the Durbin amendment as an attachment to the Dodd-Frank act of 2010. Since that time, consumers have been adversely impacted by the legislation. In the past three years, over ten separate studies have illustrated these unintended consequences.
In an effort to make up for lost revenue due to the Durbin amendment, banks have had to eliminate free checking accounts and debit card reward programs for customers. According to several surveys, only 39 percent of banks offer a checking account with no minimum balance requirement and no monthly checking fee, down from 45 percent in 2011. Additionally, consumers have yet to see any savings resulting from the $8 billion a year windfall seen by merchants as a result of the Durbin amendment. All of the below studies below illustrate the consequences consumers have felt as a result of the Durbin amendment.