In what appears to be a continuing case of revenue recovery in one area when another one gets tight, financial institutions are continuing to raise ATM fees, some to record levels, according to Bankrate Inc.’s latest annual survey of bank fees. The North Palm Beach, Fla.-based provider of financial information …
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Durbin Effects Manageable So Far for Small Banks—But Worse Is Expected
Now that the Durbin Amendment’s debit card interchange caps have been in effect for nearly a year, enough time has passed for community banks and credit unions to start to determine the impact, if any, the price ceilings have had on their income. Based on conversations Digital Transactions News has …
Read More »Durbin Decries Credit Card Interchange Settlement, Hints at Small-Ticket Debit Fix
The chief sponsor of the Durbin Amendment that regulates debit card interchange is calling the proposed settlement in a big credit card interchange court fight “a stunning giveaway” and “a capitulation to the Wall Street banks and credit card giants.” In addition, U.S. Sen. Richard Durbin, D-Ill., wants to fix …
Read More »MasterCard Reports Gains from Durbin Rules, Comments on Interchange Settlement
MasterCard Inc. reported second-quarter results on Wednesday that indicate continuing gains in its debit card business, and in PIN debit in particular, in the wake of federal debit regulations that forced issuers to add new networks to the cards they issue. MasterCard’s gains in debit come in the wake of …
Read More »Interlink Loses More Than Half Its Volume as Durbin Routing Provisions Take Effect
The Durbin debit numbers are out, and they aren’t pretty for Visa Inc., the leading debit card player in the U.S. Visa on Wednesday reported that U.S. debit payments volume plummeted 9.8% in the third quarter of fiscal 2012 ended June 30, hitting $266 billion versus $294 billion a year …
Read More »Durbin or No, First Data Figures Show Debit Continues To Flourish
Worried about getting too far in debt and nearly oblivious to the ongoing debate in the banking and payments industries about the controversial Durbin Amendment, consumers in June continued to display their allegiance to debit cards, according to new figures from First Data Corp. The nation’s leading payment card processor …
Read More »Hit by Durbin, Visa’s U.S. Debit Volume Shrinks by Double Digits in April
Visa Inc. has been saying for months that the Durbin Amendment’s transaction-routing and network-exclusivity rules, which took effect April 1, would take a bite out of its debit business. Gash might be a better word for the amendment’s initial effects, especially on the Visa-owned Interlink PIN-debit network. The No. 1 …
Read More »Card-Not-Present Processor Litle Reports Durbin Has Cut Debit Interchange in Half
Online merchants and other card-not-present retailers that have so-called interchange-plus agreements with their acquirers are enjoying significantly lower transaction costs thanks to the Durbin Amendment, if research from processor Litle & Co. posted on Wednesday is any indication. Litle’s numbers indicate its client merchants have seen interchange costs cut in …
Read More »Durbin Supports Retailers Seeking Revamped Debit Regulations
U.S. Sen. Richard Durbin, author of the now-famous amendment bearing his name that upended the debit card industry, made a figurative trip to court this week to show his support for retailers challenging the Federal Reserve Board’s final rule implementing his provision in 2010’s Dodd-Frank Act. In a friend of …
Read More »MasterCard Reports a Strong Quarter for Debit, Takes Issue with Fed’s Durbin Update
MasterCard Inc. on Wednesday posted continued strong growth in debit cards during the first quarter, including in fee revenue. The No. 2 U.S. card network also took issue with the findings of a Federal Reserve report released on Tuesday showing interchange for regulated card issuers has plunged since the Durbin …
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