3 Years Later, Consumers Still Not Benefitting from Reduced Debit Fees
Another year has passed and Americans are still not seeing savings from the Durbin Amendment. This week marks the third anniversary of the implementation of the amendment that capped the amount retailers pay for accepting debit cards. Retailers promised they would pass on the savings to consumers in the form of lower prices. But have you seen your debit discount?
A new survey sponsored by the Electronic Payments Coalition shows that 94% of consumers think prices have increased or remained the same since the legislation passed. In fact, nearly half of consumers never believed that retailers would pass along savings due to the Durbin amendment. So why did Congress believe them?
Help us remind Congress that the Durbin amendment is hurting consumers; not helping.
It is about time for retailers to return some of their estimated $24 billion windfall to their customers.