- ThisIsYorCaptnSpkng Sep 30, 2011 at 02:29: PM
ThisIsYorCaptnSpkng
Active Member
You’ve just opened your bank statement and what gives? Seems like there are a lot of sneaky new fees lurking in there lately. It’s not just you. Since the Durbin Amendment to the Dodd-Frank financial reform act passed in July 2010, banks have slowly begun charging their customers extra fees any way they can.
If you’ve been following the news, you might remember that the Durbin Amendment is supposed to protect retailers from excessive interchange fees. An interchange fee is what merchants must pay to the card processing companies each time you use plastic to purchase something. Starting October 1st, banks will only be able to charge an average of 24 cents per transaction, far lower than the previous 44-cent average. This is great news for merchants, but major banks have made quite a bit of money off interchange fees, and with the new spending cap, they’re expecting billion-dollar profit shortfalls. So guess who gets to help make up for their lost revenue? You, their valuable customer.
http://articles.businessinsider.com..._1_interchange-fees-durbin-amendment-new-fees
If you’ve been following the news, you might remember that the Durbin Amendment is supposed to protect retailers from excessive interchange fees. An interchange fee is what merchants must pay to the card processing companies each time you use plastic to purchase something. Starting October 1st, banks will only be able to charge an average of 24 cents per transaction, far lower than the previous 44-cent average. This is great news for merchants, but major banks have made quite a bit of money off interchange fees, and with the new spending cap, they’re expecting billion-dollar profit shortfalls. So guess who gets to help make up for their lost revenue? You, their valuable customer.
http://articles.businessinsider.com..._1_interchange-fees-durbin-amendment-new-fees