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Durbin Amendment Quick Fix Not So Easy for Bank of America and other Big Banks

November 1, 2011

Over the past few months big banks like Wells Fargo and Bank of America announced new debit card usage fees in an effort to offset the increased cost of interchange fees caused by the Durbin Amendment.  After significant customer concern, the big banks have decided to eliminate these new debit card fees.

“We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee,” said David Darnell, co-chief operating officer of Bank of America in a statement. “Our customers’ voices are most important to us. As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so.”

How will financial institutions with $10 billion assets plus recover the dollars lost from costly federal regulations?

Watch this 4 minute video to learn how to offset costly federal regulation impacts.  Also, download this white paper from FMSI to see the quantified monetary impact of the Durbin Amendment andRegulation E Section 205 in detailed graphs and charts.
The combined financial impact of both the Durbin Amendment and Regulation E Section
205 has forced banks and credit unions to turn-over every rock in an effort to do more with less.
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