Tuesday, February 15, 2011

Stop the Debit Card Rule

What does ABA, CUNA, ICBA, and NAFCU have in common?

We've all joined together to fight the Durbin Amendment, which authorizes the Federal Reserve to set the rate of the interchange fee.

If the Federal Reserve sets the rate too low, it will mean that community banks and credit unions will be harmed and will be forced to make up for lost revenue by

Eliminating free checking

Charging for online banking

Eliminating or charging for rewards programs

Annual fees for debit cards

Check out video.


Go to stopthedebitcardrule.com to find out more.
Posted by at
Labels: , ,

3 comments:

  1. Anthony DemangoneFebruary 15, 2011 at 9:31 AM

    Keith - well done. I could not agree more.

    Anthony Demangone
    Vice President of Regulatory Compliance
    National Association of Federal Credit Unions

    ReplyDelete
  2. KevinApril 19, 2011 at 8:21 AM

    We already pay the interchange fees in the form of higher prices! Only under the current scheme these fees are not transparent and can be converted to profits by the bank. Putting a price on a checking account would be preferable over hiding the true cost in the form of interchange fess that no one except the banks can decipher.

    The dishonesty of this lobbying campaign is just another example of how disinterested/unable banks are in serving the interests of their customers.

    ReplyDelete
  3. AnonymousMay 4, 2011 at 6:52 AM

    I guess the Banks are angry that their gravy train of sucking fees from the consumer is coming to a halt - if you believe the crap posted on this web page you deserve to be charged more fees by your bank so they can pay out huge bonuses and not not pay taxes.

    ReplyDelete

Subscribe to: Post Comments (Atom)
 

The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.