Atlanta Business Chronicle | June 29, 2012
Among other new requirements on the banking industry, the Dodd-Frank Act’s Durbin Amendment limits the amount banks can charge retailers for debit card transactions, curtailing an important revenue stream for banks at a time when they are most vulnerable and our economy most needs them — as lenders and more — to fuel a slowly rebounding economy.
Washington Post | June 26, 2012
My view: They are the ones offering the credit card transaction — if they don’t like the fees, don’t offer up that payment option, and then let the market decide whether they’re right. My guess is that they’d lose a ton of business, especially for the 64-ounce sodas and other junk food inside, which is where many gas stations really make their bread.
My Bank Tracker | June 20, 2012
We’re coming up fast on the 9-month mark since new debit-card fee rules went into effect in October. The war between banks and retailers left consumers, including you and I, rather voiceless about the changes the two sides made in response to the legislation. One supposedly positive outcome of the new rules was lower prices. However, I didn’t notice any major savings. And I probably never will.
Fox News | June 19, 2012
How does the law’s transfer of around $8 billion a year from banks and consumers to wealthy retailers – through Senate Majority Whip Dick Durbin’s amendment putting price controls on the interchange fees merchants pay to process debit cards – contribute to preventing the next financial crisis?
Credit Union Times | June 18, 2012
“Now, we are seeing that small retailers selling everyday items, like a cup of coffee or a turkey sandwich, are worse off because of the Durbin amendment–while giant retailers are rolling in the dough.,”
American Banker | June 15, 2012
Big-box retailers like Home Depot continue to rake in billions annually from the Durbin Amendment, while consumers don’t see savings they’ve been promised at the register. At the same time, consumers face higher costs for bank services, an entirely predictable result as institutions adjust to a 45% reduction in revenue they used to provide low cost accounts, fight fraud and maintain the payments system.
BankCreditNews.com | June 13, 2012
Renewed criticism of the Durbin Amendment came after recent reports that some gas retailers were charging excessive price differentials for those consumers who paid with debit or credit card at the pump. While the price controls were intended to lower costs for merchants, who said that the savings would then be passed to consumers, there has been little evidence to support that claim.