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Congress and the Federal Reserve want to force YOU to pay more to use your debit card.

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  • No more rewards:

    Debit card rewards programs are already being cut by banks and credit unions across the country. This rule could mean that they will be eliminated completely.

    You could lose your cash back rewards or airline miles on your debit card, just so giant retailers can increase their profits. That's not fair.

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  • More restrictions:

    Right now, you have the freedom to use your debit card as often — or as rarely — as you like, and chances are that you don't have to maintain a minimum balance on your checking account just to use your card.

    This rule could take that away. Imagine having to keep an extra $500 in your account just to be sure that you can pull out your debit card to pay for groceries, or being limited to only 10 purchases per month on your debit card.

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  • Higher fees:

    As a result of this rule, you could end up paying a fee for every purchase you make on your debit card — while retailers laugh all the way to the bank, with an extra $14 billion in profits.

    You already pay your bills. You shouldn't have to pay the bills of giant retailers by paying more for your debit card.

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  • End of free checking:

    Faced with a 70 to 90 percent cut of the revenue that used to come from big-box retailers, financial institutions may be forced to end free checking programs and to go back to the days of annual — or monthly — fees on checking accounts.

    You shouldn't have to pay for your checking account just because giant retailers don't want to pay their fair share.

 



• Another twist in the fee fight January 14, 2012 – Omaha World-Herald
• Cash-Only Businesses Risk Alienating Customers January 12, 2012 – Business News Daily
• Fee limits may spur cash-only rules January 10, 2012 – Atlanta Journal Constitution
• Consumer Savings from Durbin Uncertain-Advocate January 10, 2012 – American Banker
• Banks Demand More Data from Networks in Durbin Push January 9, 2012 – American Banker
• View From The Wing – How the Durbin Amendment Changed Mileage Earning Checking Accounts and Debit Cards December 24, 2011 – USA Today
• Dick Durbin’s Hypocritical Quest for “Honest Information’ on Bank Fees December 20, 2011 – OpenMarket.org
• Dispute over debit-card fees still simmers December 17, 2011 – Arizona Republic
• Retailers have kept $825 million since the Durbin Amendment began December 15, 2011 – Credit Newsline
• Both the Merchants and the Fed Misread Durbin December 15, 2011 – American Banker
• Read more...

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