Durbin’s Curb on Debit Fees Draws Fire for Hurting Consumers
U.S. Representative Debbie Wasserman Schultz, a member of the House majority’s leadership team, said a Senate proposal to limit fees banks collect with each swipe of a debit card will enrich merchants at the expense of consumers.
Hearing Shows Credit and Debit Swipe Fees Cost Federal Government and Taxpayers $116 Million
The National Retail Federation said a Senate hearing today on the $116 million in credit and debit card swipe fees paid annually by the federal government is further evidence of the need to bring card fees under control.
Durbin Amendment to Financial Reform Bill Will Lead to Higher Payment Card Costs and Less Choice for Consumers
Government Price Regulation on Debit Card Acceptance Costs Could Drive Small Financial Institutions Out of the Debit Market
MasterCard Urges House and Senate Conferees to Consider Severe Consequences of Durbin Amendment for American Consumers
If American consumers have any doubt about who will pay the bill, they should ask Australian consumers, who saw their annual fees rise significantly and rewards shrink after the government there put artificial controls on interchange fees. At the same time, there’s no evidence that merchants there lowered prices to reflect the cut in fees.
How the Finance Bill Affects Consumers
New York Times
If banks lose revenue as a result, they could make up for it by adding fees to checking accounts or cutting back on rewards programs.
Senator Durbin’s Amendment Could Affect Consumer Debit and Credit Spending, According to Lightspeed Research
The new study from Lightspeed Research, titled “U.S. Consumer Card Spending: The Potential Impact of the Durbin Amendment,” evaluates the possible ways in which Senator Durbin’s amendment could change consumers’ use of card-based payment products.
Changes in Bank, Debit Card Fees may have Limited Impact
The most visible impact on consumers is likely to be in service or technology, not prices.