The Durbin Amendment 

By Eliot Management Group

The Durbin Amendment

The Durbin Amendment, a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act, was passed on October 1, 2011. The amendment regulates swipe fees–the amount that banks and card companies, like Chase and Visa, charge businesses each time a debit-card payment is processed. 

The Durbin Amendment

Although there has been much debate in business and financial communities about the passage of the Durbin Amendment, the reduction in swipe fees is a clear victory for merchants and businesses, which are saving up to 50 percent on their processing fees. Swipe fees charged by major banks have been reduced by more than half, and the average swipe fee is now capped at 21 cents.

About the company

Eliot Management Group provides complete card-processing services, including a nationwide network of customer service and support, to thousands of American businesses. Contact a local office to learn more about how Eliot Management Group is helping businesses take advantage of the benefits of the Durbin Amendment.