Help Protect Your Debit Card
With the implementation of the Dodd-Frank Durbin Amendment, the cost of financial services will increase significantly for most consumers, including Campus Federal members. These increased costs will ultimately end up in the pockets of large retailers, in the form of increased profits.
Each time consumers use their debit cards (check cards), the retailer pays a small fee to the credit union (financial institution) that issued the card. This practice has been in place since the inception of debit and payment cards. The retailers are willing to pay the fee, as they avoid the hassle, cost, and risk of handling checks or currency. The funds are immediately transferred electronically to the retailer, and the issuing credit union or financial institution bears the risk of any fraud that may occur.
At the request of the retailers, the federal government stepped in last fall to regulate the fees paid by retailers for this service. With the implementation of this regulation, retailers will receive up to $14 billion in windfall profits each year. As a result, members may see higher fees, fewer rewards and more restrictions on debit cards.
It is not too late to stop this harmful regulation. Visit www.saveyourdebitcard.com.
This website makes it very, very easy for members that are concerned with the Durbin Amendment to contact their Members of Congress about the issue.