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Complete 1 page APA formatted essay: How Durbin Amendment affects consumers.Firstly, consumers will pay higher fees because banks will want to increase the other fees and reduce services in order to o
Complete 1 page APA formatted essay: How Durbin Amendment affects consumers.
Firstly, consumers will pay higher fees because banks will want to increase the other fees and reduce services in order to offset the decline in their revenues.
Secondly, there would be a lack of security innovation due to the low incentive of card networks to improve the security practices because their revenues would decrease following the lower fees this amendment supposes. Finally, consumers would prefer other forms of payment e.g. cash payment or using credit cards instead of debit cards in order to not have to pay higher fees charged by the banking system.
In conclusion, the Durbin Amendment has the intention of lowering the burden of higher payments for services from the banks, but it does not help the consumers, instead it manages only to increase this
