“What bank of America has done here is an outrage,” continued Durbin. “[W]hen the announced they were charging a $5-a-month fee for use of the debit card, they went overboard. They are overcharging their customers."
At least one prominent columnist has referred to the bank's new fee as the "Durbin fee," as it was implemented in response to the interchange fee amendment Durbin sponsored last year that passed as part of the Dodd-Frank financial regulatory reform law.
The law, which went into effect on Oct. 1, fixes the swipe fee imposed by banks and credit card companies on businesses at 24 cents, a number set by the Federal Reserve, from an average of 44 cents per swipe.