The Durbin Amendment

For years, merchant groups have sought government regulation to ensure the fees associated with accepting debit card payments are fair and reflective of actual costs.

In 2010, a new regulation known as the Durbin Amendment was incorporated into the sweeping financial reform bill and signed into law. Sponsored by Illinois Senator Dick Durbin, the amendment required the Federal Reserve Bank (Fed) to set a debit interchange rate that is lower than current published rates.

The Fed has now released final rules on (1) the fees that card issuers can charge and (2) the networks those transactions can be routed through.

At WorldPay, we have been monitoring the Durbin Amendment since its introduction. Now that the Fed rules have been issued, we will turn our focus to what this policy means to you—our customers—and we can lower your total cost of accepting cards, together.

These changes were completed October 1, 2011. We will continue to be your advocate as we work with you to ensure you see a reduction in your debit acceptance fees.