Bankers Say Debit Card Customers "Stand" to Lose the Most
The "Dick" Durbin Amendment is yet another example of how "government regulation" can backfire in a hurry. We've all heard about rumors of banks introducing "annual fees" and/or "per use fees" for debit card use...along with the elimination of "debit rewards" and "free checking." Today, the Phoenix Business Journal is reporting that one of the other options being considered is "eliminating the cards altogether." Whether it is a ploy to help banks win their case in a court of law (see Wall St. Journal: Banking Industry Girds for Debit-Card War in Court) or not, it demonstrates the lack of foresight by these "weiners" in office. (albeit there's one less after our cross dressing/penis flashing friend from NY resigned yesterday)
Phoenix Business Journal - by Linda Obele
Date: Friday, June 17, 2011, 3:00am MST
"If debit card spending limits become a reality, bankers say users ultimately will pay the biggest price. Banks already are looking at ways to replace the revenue lost by the interchange fee cap. Options being debated include limiting the dollar amount customers can pay by debit card, issuing an annual fee for debit card use, and eliminating the cards altogether. Some banks also are talking about doing away with rewards programs, citing a lack of incentive." read more
