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Durbin Act

Started by DolfanBob, July 06, 2011, 01:07:12 PM

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DolfanBob

July 06, 2011, 01:07:12 PM Last Edit: July 06, 2011, 01:44:29 PM by DolfanBob
Well I have been notified that my new QT Discover Debit card will be closed out July 15th due to the Durbin Agreement set to take place July 21st.

At first I thought this was on QT, but having looked into it. The big Banks are the ones that are affected by the new act. Setting a cap at 11 cents per transaction cuts deep into the profit they have been charging merchants for debit card users.

As far as I can tell it really affects Debit card rewards prorams such as the QT card that I have had only a few months. Any other thoughts on this act that I may be missing ?
Changing opinions one mistake at a time.

Gaspar

#1
July 06, 2011, 02:07:57 PM
It's for your own good.  You don't need a QT card.  You would probably just buy cigarettes, beer, and dirty fossil fuel with it anyway.
When attacked by a mob of clowns, always go for the juggler.

Conan71

#2
July 06, 2011, 02:34:29 PM
Quote from: DolfanBob on July 06, 2011, 01:07:12 PM
Well I have been notified that my new QT Discover Debit card will be closed out July 15th due to the Durbin Agreement set to take place July 21st.

At first I thought this was on QT, but having looked into it. The big Banks are the ones that are affected by the new act. Setting a cap at 11 cents per transaction cuts deep into the profit they have been charging merchants for debit card users.

As far as I can tell it really affects Debit card rewards prorams such as the QT card that I have had only a few months. Any other thoughts on this act that I may be missing ?

You are the first person I've heard of who has had that happen.  I'm sure there will be more.  Curious if any of the cash rewards program credit cards will be taking a hit.
"It has been said that politics is the second oldest profession. I have learned that it bears a striking resemblance to the first" -Ronald Reagan

DolfanBob

#3
July 06, 2011, 04:32:29 PM
Quote from: Gaspar on July 06, 2011, 02:07:57 PM
It's for your own good.  You don't need a QT card.  You would probably just buy cigarettes, beer, and dirty fossil fuel with it anyway.

I actually enjoyed my 90 Days of 10 cents off per gallon and then it went to 2 cents off.
Changing opinions one mistake at a time.

Gaspar

#4
July 07, 2011, 09:30:53 AM
Quote from: DolfanBob on July 06, 2011, 04:32:29 PM
I actually enjoyed my 90 Days of 10 cents off per gallon and then it went to 2 cents off.

I must admit, that is "Change."

:D
When attacked by a mob of clowns, always go for the juggler.
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