FlyerTalk Forums - View Single Post - Impact of Dodd-Frank repeal on fees/rewards?

Jun 9, 2017 | 11:27 am

#4

mikesyr18

Join Date: Mar 2017

Programs: HHonors, TrueBlue, Delta SkyMiles, Hyatt Discoverist, Starwood Preferred Guest, American Airlines.

Posts: 2,035

Quote:

Originally Posted by digitalpop

Durbin remaining is a good thing for us. Durbin is what required giftcards to have PIN numbers. That is the primary method of MS now-a-days. So keeping Durbin is an all-around win for MS.

While I don't have much political opinion on the interchange fees that Durbin relates to, I do want to point out that Durbin is immensely helpful to MS as a whole.

https://www.federalreserve.gov/payme...regii-faqs.htm (Q3)
https://www.firstdata.com/downloads/...wp-updated.pdf
Dodd-Frank Act - Section 1075, Durbin Amendment - Section 920 - "REASONABLE FEES AND RULES FOR PAYMENT CARD TRANSACTIONS" - Section (b) "LIMITATION ON PAYMENT CARD NETWORK RESTRICTIONS"

For the average end user Durbin is a crappy amendment. Lower interchange fees means monthly maintenance fees from banks, no debit rewards (extremely rare), and higher fees for lower income people (such as overdrafts and returned items). Only thinking from a Flyertalker's perspective who like to participate in manufactured spend is narrow minded.

I don't really see the need for PINs when m.s'ing gift cards... I bought a bunch of gift cards from Staples the other day and used them in square to refund my account, no PIN needed.

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