OLBB has been following the Durbin Amendment that was scheduled to go into effect July 21st which will limit the amount banks can charge retailers for Debit Card transactions. Yesterday the Fed decided to change the limit from 12 cents to 21 cents (banks are currently charging 44 cents). Some additional incentives would allow the fee to go as high as 24 cents. More importantly the go live date was delayed back to Oct 1.
The new date gives the banks time to continue challenging the new law and prevent or soften it further. Since the impact of this is big on retailers, banks and consumers we will continue to follow and post on this as it progresses. For more details look at our previous posts on this subject in the Archive section of this blog.
Big help as you have provided the contact numbers here.
ReplyDeleteThere must be some programs to educate card holders on how to use it. Make them aware of the facts that how risky it could be if they shop using debit card on a retail store. That way also the info is shared but a little awareness about the prepaid cards will help in avoiding all frauds