Debit and credit cards make it far more convenient to buy the things you need or love. Debit interchange convenience fees – the small charges retailers pay for the flexibility of accepting electronic payments – make these transactions possible, secure, and reliable.

The Durbin Amendment changed the way this once reasonable cost of business is calculated. Prices at big-box retailers should have been lowered for customers because of this change, it’s what retailers promised after all, but that hasn’t happened.

Big-box retailers have now pocketed more than $106 billion that was meant to go to you. This is what we call the Merchant Markup. Meanwhile, community banks, credit unions, and consumers are carrying the burden and being forced to eliminate debit card rewards and free checking accounts.

The Durbin amendment puts red tape and price controls on these purchases and must be immediately and completely repealed to restore the free market.