ilmscore | The Upcoming Changes to Your Debit Card | What You Need to Know

The Upcoming Changes to Your Debit Card | What You Need to Know

Published: 2023-02-13
Status: Available | Analyzed

Predictions from this Video

Total: 9
Correct: 0
Incorrect: 0
Pending: 9
Unrated: 0
Prediction
Topic
Status
The Durbin Amendment created 37,000 new jobs in its first year.
"the Durbin amendment has created 37,000 new jobs in the first year of the Durbin Amendment."
Debit Card Fees
Pending
The Durbin Amendment saved US consumers $6 billion.
"six billion dollars was saved for the consumer here in the US"
Consumer Savings
Pending
The availability of free checking accounts increased from 53% to 61% due to the Durbin Amendment.
"free checking went up from 53 percent up to 61"
Free Checking Accounts
Pending
The Durbin Amendment contributed to an increase in the unbanked population by over one million people, primarily low-income families, due to higher checking account fees and minimum balance requirements implemented by banks.
"the number of unbanked people went up thanks to higher checking account fees and minimum balance requirements which banks created in order to make up for their losses thanks to the Durban Amendment"
Unbanked Population
Pending
Large businesses saved 30 times more than small businesses as a result of the Durbin Amendment.
"big business saved 30 times more than small businesses did"
Retailer Savings
Pending
Home Depot's annual profits increased by $35 million due to the Durbin Amendment.
"the Durbin Amendment added 35 million dollars per year to the bottom line profits of Home Depot"
Home Depot Profits
Pending
The Durbin Amendment would save the average consumer 7 cents on a $40 purchase.
"the Durbin Amendment would save the average consumer seven cents on a 40 purchase"
Consumer Savings (Small Purchase)
Pending
Between 2009 and 2013, average monthly fees on non-free bank accounts doubled from $6 to over $12.
"the average monthly fees on non-free accounts between those same years 2009 to 2013 when everything was passed doubled from six dollars to more than twelve dollars a month"
Bank Account Fees
Pending
The Durbin Amendment has resulted in a significant transfer of wealth from lower-income consumers and small retailers to large retailers and their shareholders.
"the Urban amendment has been a huge transfer of wealth from the lower income consumer and small retailers to the large retailers and their shareholders"
Wealth Transfer
Pending