Consumers are already paying for the Durbin Amendment, a measure which capped the debit card interchange merchants pay to card issuers, with fees for debit card usage, higher fees on checking accounts and fewer free checking accounts and loss of debit reward programs, according to the CEO of a consumer website.
Bill Hardekopf, CEO of LowCards.com, a website that helps consumers choose low cost credit cards, regularly surveys and analyzes the debit and credit card market.
"While retailers celebrate the arrival of interchange fee regulations that they fought hard for, banks are forcing consumers to help make up the lost revenue," said Hardekopf, "It would be nice if retailers lowered prices to pass some of their savings on to consumers."
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