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Appeals Court Upholds Denial In Debit Fee Case

Wednesday, June 29, 2011 - 3:14 PM
Appeals court upholds denial in debit fee case - Yahoo! Finance=
In its written ruling issued Wednesday, the three-judge panel of the 8th U.S. Circuit Court of Appeals said that since TCF is free under the Durbin Amendment to assess fees on its customers to offset any losses, it's skeptical that the amendment has created a price control on the bank's debit-card business.

"The Durbin Amendment only restricts how much certain financial institutions issuing a debit card may charge for processing a transaction," the panel wrote. "It does not restrict how much those institutions may charge their customers for the privilege of using their debit-card services."

The Dubin ammendment may not restrict the total amount banks may charge their customers for the privilege of using their debit-card services, but the swipe fees are more subtle and hidden than annual fees for debit cards or other more obvious fees.
4
StewieStewie56 posts since
Jan 18, 2010
Rep Points: 318
1. Wednesday, June 29, 2011 - 5:53 PM
I hate it when appeals courts play word and lying games like this.

A rose by any other name is still a rose. There is no difference whether you call it a usage fee, or a transaction fee, or any other name. The court is supposed to be legally bound to honor the INTENT of the law, not use smoke screens to do what they want instead. Unfortunately, that doesn't always happen.
2
me1004me1004370 posts since
Jan 16, 2010
Rep Points: 2,572
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