Debt card
Is there still a point of service charge for using a debit card?
Terry Says
Debit card fees are regulated by the Durbin Amendment, which is part of the 2010 Dodd-Frank legislation.
Under this law, regulated banks (i.e., those with more than $10 billion in assets) are limited to charging no more than 0.05% +$0.21 ($0.22 if fraud is suspected) per debit card transaction. This limitation applies equally to both card-present and online transactions. While smaller financial institutions are exempt from these limitations, market pressure generally keeps them from charging significantly higher debit card transaction fees.
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