Durbin amendment is business-killer--Debit Card DUD!

As of Oct. 1, the Durbin Amendment to the Dodd-Frank Act cut the permissible fees that the banks that issue debit cards can charge merchants. The “reform” will revolutionize retail banking -- for the worse.

Sen. Richard Durbin and his merchant supporters claimed that the banks were in collusion with the big credit-card companies to charge the merchants extortionate fees. To get the amendment through, it exempted small banks, defined as those with assets of under $10 billion.