2000s, senator durbin said let s punish banks and reduce interchange on debit cards same exact thing now be on larger scale if we look back to history used to be able to earn, you know delta miles, continental airline miles all on debit cards and when senator durbin got his amendment passed it literally killed detect reward overnight you can no longer earn on a debit card and that impacted lower income american who is couldn t get debit credit cardsd banks raised fees on checking accounts used to get free checking so consumers saw a huge net loss no more points on debit cards, and you know the federal reserve did a study 98% of rea tailers did not save on to consumers they kept prices the same or raised them in many cases so it is the sail senators rying to do for all credit cardings you know he s in the pocket of the big box retailers, you know wal-mart and target stand to make billions of dollars.
punish banks and reduce interchange on debit cards same exact thing now be on larger scale if we look back to history used to be able to earn, you know delta miles, continental airline miles all on debit cards and when senator durbin got his amendment passed it literally killed detect reward overnight you can no longer earn on a debit card and that impacted lower income american who is couldn t get debit credit cardsd banks raised fees on checking accounts used to get free checking so consumers saw a huge net loss no more points on debit cards, and you know the federal reserve did a study 98% of rea tailers did not save on to consumers they kept prices the same or raised them in many cases so it is the sail senators rying to do for all credit cardings you know he s in the pocket of the big box retailers, you know wal-mart and target stand to make billions of dollars. and consumers will lose.