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Durbin Amendment Affecting Debit Card Fees

Posted by Lisa Blackwell on March 9 2011 @ 1:05 pm

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Debit card payment adjustments could affect the credit card industry. The Durbin Amendment to the Dodd-Frank Consumer Financial Protection Act, along with Regulation E adjustments, are predicted to make financial institutions lose large sums of money, and plans are currently in the works to combat this by raising debit card fees.

The finance industry is predicted to lose $16.4 billion due to greater federal regulation of the banking industry, according to Javelin Strategy and Research. The company expects an overall $10.8 billion decrease in earnings for financial institutions specifically because of the Durbin Amendment.

Because of this, debit card programs could be altered, or even cut altogether. Fees are also expected to go up, according to Javelin. This worries consumers, and could lead to a mass exodus from the debit card system if changes are made.

"According to our research, 60 percent of consumers say that they will switch to another method of payment if financial Institutions charge fees for debit cards," said Beth Robertson, Javelin's director of payments research.

The Durbin Amendment could also have a negative effect in the future with consumer's credit, as the payment ideas in the debit industry could be mimicked by those companies, which would be bad news for those already dealing with credit card debt.

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