You are currently viewing the printable version of this article, to return to the normal page, please click here.

LETTER TO THE EDITOR: Exempt banks raised fees more

Story Topics
Question of the Day

Is it still considered bad form to talk politics during a social gathering?

View results

There is simply no truth to Tony Sayegh's analysis of debit-card swipe-fee reform ("Three years of Dodd-Frank's broken promises," Commentary, May 31).

Just last week, the Federal Reserve said that, since the Durbin Amendment, small banks exempt from debit-card reform have collected higher debit fees than big banks. In fact, debit fees per transaction for exempt banks are the same as they were before debit reform. This echoes earlier findings from the Government Accountability Office and Federal Trade Commission, as well as prior Federal Reserve studies.

When it comes to checking-account fees, the data shows there is no relationship to swipe fees. Swipe fees tripling over the past decade didn't result in consumer checking fees getting cut by a similar amount. In fact, Bankrate.com surveys show just the opposite, with swipe fees and checking-account fees increasing in tandem for six years in a row.

Since the passage of the Durbin Amendment, data collected by moneyrates.com shows that big banks (the only ones affected by the new limits on debit-card swipe fees) did not raise their checking fees as much as the small banks that are exempt from debit reform.

Saying something over and over again doesn't make it true. It's time for the banks to stop peddling arguments that are so clearly false.

JENNIFER HATCHER

Senior vice president for government

and public affairs

Food Marketing Institute

Washington

© Copyright 2014 The Washington Times, LLC. Click here for reprint permission.

Comments
blog comments powered by Disqus
TWT Video Picks
You Might Also Like
  • Maureen McDonnell looks on as her husband, former Virginia Gov. Bob McDonnell, made a statement on Tuesday after the couple was indicted on corruption charges. (associated press)

    PRUDEN: Where have the big-time grifters gone?

  • This photo taken Jan. 9, 2014,  shows New Jersey Gov. Chris Christie gesturing as he answers a question during a news conference  at the Statehouse in Trenton.  Christie will propose extending the public school calendar and lengthening the school day in a speech he hopes will help him rebound from an apparent political payback scheme orchestrated by key aides. The early front-runner for the 2016 Republican presidential nomination will make a case Tuesday Jan. 14, 2014, that children who spend more time in school graduate better prepared academically, according to excerpts of his State of the State address obtained by The Associated Press. (AP Photo/Mel Evans)

    BRUCE: Bombastic arrogance or humble determination? Chris Christie’s choice

  • ** FILE ** Secretary of State Hillary Rodham testifies on Capitol Hill in Washington, Wednesday, Jan. 23, 2013, before the Senate Foreign Relations Committee hearing on the deadly September attack on the U.S. diplomatic mission in Benghazi, Libya, that killed Ambassador J. Chris Stevens and three other Americans. (AP Photo/Pablo Martinez Monsivais, File)

    PRUDEN: The question to haunt the West

  • Get Breaking Alerts