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22/07/2010 -
A coalition of consumers, merchants and payment processing professionals are banding together against the passage of the Durbin Amendment in the recently approved Dodd-Frank financial reform bill.The group is launching a campaign for a National Cash Only Day in protest of the amendment, which will allow the Federal Reserve to regulate debit card interchange fees, and for some people has aroused worries that greater regulation will follow, Green Sheet reports.
The proposed holiday will actually last longer than one day - spanning Labor Day weekend from September 4 to 6, according to the site. The group is hoping that if consumers put away their credit and debit cards and paid only with cash, lawmakers will be forced to recognize the convenience - for consumers and stores alike - of paying with cards.
"Someone goes in and pays with cash, then another person and another person - as many as we can get in and through the better - and all of a sudden they might lose 20 percent of their business," Scott Wagner, president of GO Direct Merchant Services, told Green Sheet.
The Electronic Transaction Association said they were disappointed by the passage of the amendment and that Congress chose to "interfere in the commercial contracts between merchants and the institutions that provide full access to electronic payments."
