We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.