Cucumber wrote:But wait, this is only for purchases where a pin is entered yea? then purchases with a signature will still be the same and have the same fees??
All that is gonna happen is banks will up the debit card rewards for purchases with signatures and then everyone will stop doing the pin type.
No. It is either method signature or pin. It is actually a complicated mess. TCF delayed the lawsuit until the U.S. Federal Reserve decides on a fee. The proposed fee is not set in stone. They have a lot of comments against this, including a lot from consumers. They don't want to pay a annual or monthly debit card fee or a higher checking account fee. The amendment will eliminate free checking
After reading some information all banks could be affected even those that are excluded from the amendment If the fed decide forcing two unaffiliated network rule. If they don't do this, then smaller banks & credit unions won't have to change their fees. This would mean low income would be forced to go to smaller banks.
It also be a nightmare reprogramming the card network system.
Some U.S. banks said they will stop debit cards all together and go back to the old atm only card that was almost instinct. Some will switch to prepaid debit cards. Some may switch to Decoupled Debit Cards. Which means you can using any checking account you want with it or keep your current checking account. This is rules don't apply to Decoupled Debit Cards according to a bank comment.