Debit rewards programs took a big hit after the Durbin Amendment capped interchange rates in 2011, but many industry experts say the programs are still popping up – in fact, they’ve become a powerful way for credit unions to accumulate market share. And with rising interest rates encouraging more members to shop around, debit rewards programs may soon become even more alluring, they say.

The instigator is the Durbin Amendment, which is part of the Dodd-Frank Act and caps the interchange rates that financial institutions with $10 billion or more in assets can earn. When Durbin took effect in 2011, many large financial institutions promptly dropped their debit rewards programs to make up for the lost interchange revenue. That’s created what some say is a huge opportunity for credit unions, such as the Mansfield, Texas-based Texas Trust Credit Union, and everybody else below the $10 billion threshold.

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Tina Orem


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