How Durbin's Debit Card Fee Cut Backfired on Small Merchants

Washington's efforts at Wall Street reform and consumer protection keep having strange and unintended consequences for Main Street businesses and customers.

The Durbin Amendment, part of the Dodd-Frank Act, set a cap on the amount financial institutions can charge merchants to process debit card transactions. Previously, the average "interchange" fee was 44 to 45 cents per transaction. As of Oct. 1, the maximum swipe fee was cut to 21 cents. The intent was to keep the cost of doing business down, but that goal is reportedly being thwarted by the credit card companies' response. Continue reading...

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