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U.S. Senator Jim DeMint
("How Senator Durbin raised transaction fees," November 1, 2012)
Senator Durbin would prefer Parkmobile to blame companies that issue debit cards. But, indeed, it was Dodd-Frank, the so-called Wall Street reform legislation, and Senator Durbin’s amendment to Dodd-Frank, which capped “swipe fees,” that caused debit card transaction fees on lower-priced items to rise. -
Roll Call
("Dick Durbin Blamed for New Parking Tax," November 1, 2012)
Last Thursday, Park Mobile USA Inc., the company in charge of D.C.’s mobile parking, sent out an email to customers explaining the fare increase thusly: “Beginning October 29th, transaction fees in DC will increase from $0.32 to $0.45 due to increased costs triggered by recent federal legislative reform enacted by the Dodd-Frank Wall Street Reform and Consumer Protection Act’s Durbin Amendment,” the company explained. -
American Banker
("Parking Fee Hike Gets Caught Up in Interchange Fight," October 31, 2012)
Parkmobile USA, a mobile payments company with an exclusive contract for DC municipal parking areas, is fielding sharp criticism from backers of the so-called Durbin amendment after telling users that a new customer fee hike was the result of the provision in the Dodd-Frank Act. -
Huffington Post HuffPost Hill
("Durbin Fires Back at Big Parking," October 26, 2012)
For fans of the ongoing swipe-fee saga — and who among us isn’t one? — yesterday was a good day, as DC’s Parkmobile contractor emailed customers blaming a rate hike on the Durbin amendment. -
Politico Morning Money
("Durbin Amendment Takes a Hit," October 26, 2012)
Banking industry opponents of the Durbin amendment limiting debit card swipe fees circulated this email from Parkmobile USA to DC-area clients: Beginning October 29, transaction fees in DC will increase from $0.32 to $0.45 due to increased costs triggered by recent federal legislative reform enacted by the Dodd-Frank Wall Street Reform and Consumer Protection Act’s Durbin amendment. -
Atlanta Journal-Constitution
("Does law hurt or help banks, consumers?," July 10, 2012)
The Durbin Amendment began with the best of intentions: it would take an overinflated charge that disproportionately impacts the poor and small businesses, and rein it in to reasonable levels. However, its end effect was to worsen conditions for both groups. -
Billings Gazette
("Retailers, gas stations pocketing money intended for consumers" July 8, 2012)
Despite the high cost of gasoline and the fact that debit cards are the most popular form of payment at the pump, gas retailers have yet to make good on promises to pass savings on to consumers. Now would be a good time for them to pitch in. -
The Street
("Durbin Amendment’s Biggest Winner May Be KKR," July 6, 2012)
Retailers may be minimizing the savings in the hope of not attracting too much attention, which could lead to pressure on them to lower their prices.
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Bank Credit News
("Report: Durbin Amendment "crushing" American businesses," July 2, 2012)
The Durbin Amendment has already hurt small and large banks, and it isn’t helping consumers. It should be repealed before it does any more harm to the businesses that rely on them for loans and lines of credit to make payroll, open new locations and hire more employees. -
Reuters
("Adventures with marginal pricing, auto edition," July 2, 2012)
Except, gas stations have no particular reason to charge just the interchange fee as a premium. Is the difference 10 cents a gallon? That’s about 3%, which is at the high end of credit interchange fees. After that, it’s all just pure profit for the gas station — and sometimes the difference can be as much as 2 dollars a gallon. -
Washington Post
("Two gas prices: Cash and credit. Is this fair?" June 26, 2012)
My view: They are the ones offering the credit card transaction — if they don’t like the fees, don’t offer up that payment option, and then let the market decide whether they’re right. My guess is that they’d lose a ton of business, especially for the 64-ounce sodas and other junk food inside, which is where many gas stations really make their bread. -
My Bank Tracker
("Finding Shopping Discounts to Cover the Loss of Free Checking is Futile," June 20, 2012)
We’re coming up fast on the 9-month mark since new debit-card fee rules went into effect in October. The war between banks and retailers left consumers, including you and I, rather voiceless about the changes the two sides made in response to the legislation. One supposedly positive outcome of the new rules was lower prices. However, I didn’t notice any major savings. And I probably never will. -
BankCreditNews.com
(“Durbin Industry Debate Rages on After One Year Anniversary of Tester Defeat, ” June 13, 2012)
Renewed criticism of the Durbin Amendment came after recent reports that some gas retailers were charging excessive price differentials for those consumers who paid with debit or credit card at the pump. While the price controls were intended to lower costs for merchants, who said that the savings would then be passed to consumers, there has been little evidence to support that claim. -
San Antonio Express-News
(“Debit Fee Dip Backfires on Consumers” May 18, 2012)
That means merchants no longer are paying more than $8 billion a year in higher interchange fees. Are they passing the savings on to consumers?
“I doubt it,” said Cardhub.com CEO Odysseas Papadimitriou said. “They are just pocketing the majority of this. -
TIME Moneyland
(“Swipe Fee Caps Are Here — So Where Are the Savings?” May 7, 2012)
Unfortunately, about the only thing everyone agrees on is that customers are losing out while these respective industries battle over swipe fees. -
USA Today
(“Batter Over Debit Card Swipe Fees Goes On,” May 10, 2012)
Unfortunately, about the only thing everyone agrees on is that customers are losing out while these respective industries battle over swipe fees. -
American Banker
(“Durbin Debit-Rate Cuts Failed to Help Consumers: Analysts,” May 1, 2012)
The problem is that the savings are not going to the intended recipients-small merchants and consumers, according to a random sampling of payment industry insiders. -
PYMNTS.com
(“‘Mind-Boggling’ Card Fees at the Pump: $2 Per Gallon,” April 26, 2012)
Current prices at the pump don’t seem to be delivering the savings regulators hoped would result from interchange caps to end users. Indeed, some reports have argued that certain groups of merchants are enjoying massive “subsidies” from swipe fee regulation, and that none of the value is being passed on to consumers. -
Huffington Post
(“Gas Stations Charge More Than $2 Per Gallon Credit Card Fee: Report,” April 24, 2012)
Though gas stations are being charged less by debit card companies thanks to the Durbin Amendment in the Dodd-Frank Act, gas stations are failing to pass on the more than $1 billion in savings to customers. -
AOL Daily Finance
(“Gas Stations are Hosing Debit Card Users at the Pump,” April 17, 2012)
Feel like you’re getting gouged at the gas pump amid rising prices? You actually are if you’re using a debit card. -
Huffington Post
(“Gas Stations are Paying Less, So Why Aren’t You?” April 17, 2012)
But, instead of passing along those savings to consumers in the form of discounts to those paying with a debit card, gas retailers are pocketing the difference to the tune of a billion dollars a year. -
The Street
(“New Swipe Fee Battle: More Consumer Pain?” January 28, 2012)
Retailers claimed the passage of the Durbin amendment could lead to a decrease in prices, since they swould no longer have to pay the high swipe fees on debit card transactions. It is difficult to see if this actually took place.