Chase has pledged to reinstate debit card rewards programs if the cap on fees it collects from merchants per debit transaction, scheduled to go into effect July 21st, is delayed.
“Chase had to make changes to the benefits we extend to customers due to the pending economic impact of the Durbin Amendment. If Congress delays the implementation of the new law to allow time for additional study of its impact, we will waive the service fee and continue the popular debit rewards benefit while they do so,” the bank told MyBankTracker.
Chase’s announcement came after the Fed said they would not meet the April 21 deadline for finalizing the rule, although they said it would be ready by July 21st, when the law is scheduled to go into effect.
Banks have been angling for 1-year delay of the law so that a study can be commissioned to review its impact.
In late March, letters from Chase to customers notifying them debit card rewards would be canceled were notable for specifically citing the pending Durbin amendment legislation as the reason.
Chase Killing Debit Card Rewards In July