Dodd Frank Bill
SUMMARY:
In 2010, liberals passed the Dodd-Frank financial reform bill and the Durbin amendment which, as predicted, would shift retailers’ cost for accepting debit cards onto consumers:
The Durbin amendment granted regulators the authority to establish price controls on what banks could charge merchants that accepted their customers’ debit cards as payment. The resulting regulations, which took effect Oct. 1, limit what banks can charge merchants to no more than 24 cents per debit card transaction.
Critics pointed out that banks, facing $6 billion annual losses from this change, would shift the costs of debit cards from merchants to bank customers. Sure enough, Bank of America and several of its largest competitors — including Wells Fargo, PNC, HSBC, SunTrust, TDBank, and Chase — will be imposing various new fees on their customers to make up for Durbin’s folly.
Ok..but it was still the banks option to charge this particular fee. Thanks all