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On October 1st, 2011, the Durbin Amendment took affect which capped debit card transaction fees at $.24, a significant drop from the prior average of $.44. So what do the banks do to recoup this lost revenue? Attack the consumer directly by applying monthly use fees for debit card purchases! What a great business model ...
While banks rob Peter to pay Paul, the retail industry is generally supportive of this amendment, anticipating it will stir activity at the cash register. Really? The consumer doesn't care what the retailer pays for these transactions but they will care when the all-mighty bank tries to reach their hand into their pocket! Listen in as Bob and Jerry debate this legislation and its potential affects.
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