The proposed changes to the Interchange Law, which determines who pays the costs of using debit cards, will redirect fees currently paid by merchants back to the issuing bank and the consumer. As a result of this change, other protections and services, including coverage for fraud if a credit or debit card number is used by an unauthorized party, may be reduced, or a fee imposed on the cardholder.
The new laws are set to go into effect on July 21, which most community banks and credit unions feel won’t allow enough time for the impact on consumers to be fully studied and understood.
Your community bank opposes any changes to current laws that would unfairly burden the consumer and the local financial institutions that serve them.
Find out more at www.dontmakeuspay.org, then contact your elected officials, to ask that Interchange be reviewed and redrawn before it hurts those it was meant to protect. Your voice counts!