U.S. Sen. Dick Durbin (D-Ill.) is happy his charge against big banks helped rescind the idea of a $5 per month debit card fee, but he says the battle isn’t over.
Durbin wouldn’t say whether he feels vindicated by Bank of America’s decision to back off the fee, which the bank wanted to put in place to make up revenue lost when Durbin’s initiative to cut down on swipe fees was enacted. But he would say his push against the banks has created a newfound awareness.
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“A year ago, I don’t think many people would have known what a swipe fee or interchange fee was,” he says. “They didn’t realize every time they use their plastic there was more charge on the retailer. Now, there’s more transparency and openness about it.”
Durbin is not worried about more pushback from the banks, which could find a different way to make up for lost revenue through new charges.
“I’m ready to fight this battle,” he says. “I’ll be honest with you, Bank of America thought if they made me the villain they could charge $5 a month and nobody would notice. It blew up in their face.”
Durbin is calling on all banks and credit unions in the country to publicly disclose any customer fees.