IBA: Ricker’s owner got it wrong
| Indiana Business Journal
A recent IBJ opinion piece written by Jay Ricker, chairman of Ricker Oil Co. Inc., was short on fact and long on irony. Titled “How banks got their hands in your pocket” [April 10], the article erroneously blamed the banking industry, when actually it is certain retailers who profit at the expense of consumers.
The article focused on the effects of the Durbin Amendment, enacted in 2010, which put the Federal Reserve into the position of price-controlling the interchange fees that banks may charge merchants when customers use bank debit cards. These fees are necessary to pay for the infrastructure, technology and protections that make debit cards convenient and safe.
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