Saturday, March 5, 2011
The Durbin Amendment was slipped into to the Dodd Frank Act (an 848 page document) with no hearings and little opposition. However, it will change the way banking is done forever and have negative consequences on the public. The Amendment limits the amount of money debit card companies can take from each retail sale by a significant amount, making debit cards very expensive for banks to support. The banks will of course transfer this cost to the public. So you can probably kiss your free checking account and debit card rewards goodbye. Thanks Dick Durbin.