Via Corner Post
A truck stop in Watford City says they’ve paid hundreds of thousands of dollars in debit card transaction fees to banks. This truck stop may be the reason banks change the way they regulate debit card transaction fees.
According to reporting by Mary Steurer from the North Dakota Monitor, a federal appeals court has unanimously upheld a decision made over a year ago by North Dakota Judge Dan Traynor.
A lawsuit brought upon the Federal Reserve Board of Governors by Watford City truck stop the Corner Post, argued that the Board was allowing banks to profit billions at the expense of consumers and businesses. The board has been regulating debit card transaction fees since the Durbin Amendment was implemented in 2011, but the 8th Circuit Court recently found that the board did not regulate the fees as the amendment intended.
Regardless of cost, the rule has been enabling banks to place a blanket fee on all card transactions, despite the rule stating that the fees must be “reasonable and proportional” to debit card transactions.
The Federal Reserve Board of Governors have yet to indicate whether they plan to appeal this decision.
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