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Dodd-Frank Changes on Debit Cards Business

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A friend received a letter from their banking institution which informed that they would no longer offer debit cards on business accounts because of changes to Dodd-Frank. I am not aware of this. What Regulation is changing?

The only debit card related regulation to come out of Dodd-Frank is Regulation II which limits the amount of interchange fees an issuer can charge on a debit card purchase. Perhaps due to a loss of income with the same risk of fraud losses, the institution decided it was no longer cost effective to offer the product.

First published on 1/21/13.

First published on 01/21/2013

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