What it is
The Durbin Amendment, part of the Dodd-Frank Act, caps debit interchange for banks with over $10 billion in assets and requires debit cards to support at least two unaffiliated networks.
What it costs you
Regulated debit should cost far less than credit. If your processor charges a flat rate across all cards, you may not be getting that benefit.
What to do about it
- Confirm regulated debit is priced at cost
- Ask about least-cost debit routing
- Watch for pending rule changes