Monday, January 17, 2011

Durbin Amendment Most Significant changes in Monetary movement

"Year of the Protected Consumer "

Why Do I Care

I know it is hard to read long bills and  congressional acts.  But the Durbin amendment will affect you everyday after April.  It caps th debit fees that are charged by the companies that move credit and debit payments.  That means it should be cheaper for you to buy goods at the register with a debit card.  No longer will you be subsidizing the miles on the credit card that the guy in front of you used.  That is good news for equity, for savings and for making the use of debit cards closer to the cost of cash.  Watch out for more on this issue.