Don't Make Us Pay

Another twist in the fee fight

editor — Sat, 14 Jan 2012 19:30:40 +0000

And that means stores with a lot of small-ticket sales, such as coffee shops and gas stations, may force or coax consumers into paying with plain old cash for purchases under a certain amount, experts predict.

Cash-Only Businesses Risk Alienating Customers

editor — Thu, 12 Jan 2012 19:32:56 +0000

While it makes sense for some businesses to operate on a cash-only basis, for others it could be “financial suicide,” said Ann Latham, president of Uncommon Clarity, Inc., a Massachusetts-based consulting firm.

Fee limits may spur cash-only rules

editor — Tue, 10 Jan 2012 19:35:21 +0000

Kamal Grant, owner of Sublime Doughnuts near Georgia Tech, said he fears any move to restrict plastic will drive away customers. When he did not accept American Express cards because of their high fees, Grant said, some people walked out ...Read more.

Consumer Savings from Durbin Uncertain-Advocate

editor — Tue, 10 Jan 2012 19:34:14 +0000

The interchange fee cap also will “heighten the segmentation of consumers who can increase spending using credit cards,” [James L.] Brown said.

Banks Demand More Data from Networks in Durbin Push

editor — Mon, 09 Jan 2012 19:36:52 +0000

Another part of the Durbin amendment restricted banks from signing or maintaining exclusive debit-processing deals with networks. Now issuers must have agreements with at least two networks to process debit transactions on every card — a relatively complicated arrangement that ...Read more.

View From The Wing – How the Durbin Amendment Changed Mileage Earning Checking Accounts and Debit Cards

editor — Sat, 24 Dec 2011 19:37:43 +0000

The law was supposed to help small retailers by providing them relief from debit card interchange fees, but the unintended consequence has been higher prices as consumers shift towards credit instead of debit.

Dick Durbin’s Hypocritical Quest for “Honest Information’ on Bank Fees

editor — Tue, 20 Dec 2011 22:34:23 +0000

“But consumers have not been spared anything as the Durbin Amendment has shifted $12 billion hand-over-fist to some of the nation’s wealthiest retailers, such as Walmart, Home Depot and Walgreens — firms that all lobbied for the price controls to ...Read more.

Dispute over debit-card fees still simmers

editor — Sat, 17 Dec 2011 22:25:10 +0000

“What’s still missing from the retailer argument is any clear evidence that cost savings are being passed along to consumers, as merchant lobbyists promised. Maybe that will come later. But in the meantime, Congress and the Fed should steer clear ...Read more.

Retailers have kept $825 million since the Durbin Amendment began

editor — Thu, 15 Dec 2011 21:56:31 +0000

“Retailers have kept at least $825 million to themselves since the Durbin Amendment was enacted in October.”

Both the Merchants and the Fed Misread Durbin

admin — Thu, 15 Dec 2011 16:55:19 +0000

“[Consumers] have not enjoyed any pass-through benefit from lower swipe fees in the price of retailer goods and services…”