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Retailers Pocketing Savings from Durbin Amendment

Posted on 12/12/2011

As predicted, retailers have not passed savings on to customers despite reaping windfall profits from the new, low debit-card interchange rates, according to a report released last Thursday by the Electronic Payments Coalition. The coalition found in its "Where's the Debit Discount" report that at least 76 percent of retailers included in the research have raised prices or kept them the same after receiving about $825 million in profits since the Durbin amendment's Oct. 1 effective date.

Customers are paying an average of 1.7 percent more after implementation even though the price-fixing plan has slashed the price retailers pay to accept debit cards in half, the report said. The findings come two weeks after the National Retail Federation, National Association of Convenience Stores and other merchant organizations filed a lawsuit against the Federal Reserve, claiming that they should be paying even less in debit card interchange. To learn more visit: http://wheresmydebitdiscount.com/



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