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.
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.
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.
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.
Now that regulations implementing the Durbin amendment are finalized–at least for the short term–credit unions have to decide how many debit networks they want and if they have to join any.
Programs that reward consumers when they use their debit cards have been largely considered one of the important casualties of the Durbin amendment's cap on debit interchange.