…the idea of buying a checking account where the debit card is a feature requiring a supplemental fee must seem like buying a new car from General Motors that considers a steering wheel or tires to be a separately priced option.
“Business owners work hard for every penny they earn, and Heartland is helping them keep more of their money,” said Bob Baldwin, president at Heartland. “It’s easy for a processor to say it will pass the savings along to its merchants, but the reality is, many won’t. As a result, unfortunately many merchants will miss out on some or all of Durbin’s financial benefits, ultimately costing them thousands of dollars.”
“Retailers across the nation are developing a wide range of innovative ways to pass these savings along to their customers with lower prices and better value,” NRF Senior Vice President and General Counsel Mallory Duncan said. “Change won’t come overnight, but consumers will definitely benefit. Reducing these fees will put billions of dollars back into the Main Street economy, helping American families stretch their paychecks and ultimately preserving and creating local jobs to keep America on the road to recovery.”
The reaction to these new banking fees is quite diverse:
On the web:
On the wires: