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The Durbin amendment, implemented by Regulation II, [1] is a provision of United States federal law, 15 U.S.C. § 1693o-2, that requires the Federal Reserve to limit fees charged to retailers for debit card processing. It was passed as part of the Dodd–Frank financial reform legislation in 2010, as a last-minute addition by Dick Durbin, a ...
Interchange fee is a term used in the payment card industry to describe a fee paid between banks for the acceptance of card-based transactions. Usually for sales/services transactions it is a fee that a merchant's bank (the "acquiring bank") pays a customer's bank (the "issuing bank"). In a credit card or debit card transaction, the card ...
In 1980, Farmers & Merchants Bank, Milford Center and The First National Bank of Burton merged with Huntington Bancshares. [14] In 1981, the bank acquired Alexandria Bank Company and renamed it The Huntington State Bank, with a loan production office opening in Cincinnati. In 1982, the bank merged with the Reeves Banking and Trust Company. [14]
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The Supreme Court agreed Friday to take up a case asking the Federal Reserve to lower the cap on debit card “swipe fees.” An amendment by Sen. Dick Durbin (D-Ill.) to the 2010 Dodd-Frank Act ...
The CFPB ordered Regions Bank to pay $191 million to customers in September 2022 for charging “illegal surprise” overdraft fees on “certain ATM withdrawals and debit card purchases ...
The payment card interchange fee and merchant discount antitrust litigation is a United States class-action lawsuit filed in 2005 by merchants and trade associations against Visa, Mastercard, and numerous financial institutions that issue payment cards. The suit was filed because of price fixing and other allegedly anti-competitive trade ...
ATM fees now commonly reach $3.00, and can be as high as $6.00, [10] or even higher in cash-intensive places like bars and casinos, in cases where fees are paid both to the bank (for using a "foreign" ATM) and the ATM owner (the so-called "surcharge") total withdrawal fees could potentially reach $11.
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