Fed Says Durbin Amendment Led To Debit Card Fee Nosedive

Law360, New York (May 1, 2012, 7:12 PM EDT) -- Fees that banks charge for use of their debit cards have been nearly halved since the Federal Reserve Board’s debit card fee restrictions — mandated by the so-called Durbin Amendment to the Dodd-Frank Act — went into effect in October, the central bank said Tuesday.

A Fed report said the average interchange fee per debit card transaction was 24 cents in the fourth quarter of 2011, immediately after the adoption of the restrictions. That’s a 45 percent decrease from 2009, when the average interchange fee was...
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