New plastic from Fifth Third Bank functions as both debit and credit card and avoids Durbin cap.
The credit union movement received better-than-expected news on June 29 when the Federal Reserve Board announced its rules to implement the Durbin Amendment concerning debit card interchange. For credit unions under $10 billion in total assets, interchange rates will show little or no decline in 2011, and this will probably...
The credit union movement received better-than-expected news when the Fed announced its new Durbin Amendment rules.
ACCEL/Exchange business development director says interchange impact goes beyond debit fees.
The U.S. interchange battle between merchants and issuers is coming to a close now that the Durbin Amendment has been interpreted by the Federal Reserve Bank.
Since the finalization of the Durbin amendment, many credit unions have been considering how they will compensate for lost interchange revenue with other forms of noninterest income.
As many credit unions across the country have begun to reevaluate their PIN debit networks in light of the Durbin amendment, it appears the largest card brand is also rethinking its debit pricing.
MoneyRates.com says 33% of bank checking accounts remain free.
Card Services for Credit Unions consultant sees few credit unions cutting back to two networks.
New website called Durbin Dialog offers info, interaction.