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Retailers have kept $825 million since the Durbin Amendment began

The Electronic Payments Coalition says that its recent study that shows retailers pocketing their Durbin Amendment savings can be trusted.

Trish Wexler, a spokesperson for EPC, said that the EPC predicted critics would try to shoot holes in the survey, which is why the EPC was careful to keep track of all of the receipts collected during the study.

“The facts speak for themselves,” Wexler said, CNBC.com reports.

The study concluded that retailers have kept at least $825 million to themselves since the Durbin Amendment was enacted in October.

The research included 21 different retail locations in six separate cities. According to the data, 12 raised prices by 5.1 percent or kept their prices steady. Four stores kept the same prices and five stores lowered prices by an average of 5.8 percent, CNBC.com reports.

“If you look at the overall results, customers are paying more than one point seven percent more,” Wexler said, according to CNBC.com.

The retailers used in EPC’s study included Home Depot, Wal-Mart, 7-Eleven and Walgreens.

In November, the National Retail Federation, the National Association of Convenience Stores and several other merchant organizations filed a lawsuit against the Federal Reserve on grounds that the Durbin Amendment did not go far enough to save them from the fees they pay to process debit cards.

Wexler said retailers should be paying what they paid before the Durbin Amendment, which was the market price. She also said that the lawsuit was retailer’s attempt to get the security of their transactions for free.

“The retailers got $8 billion in additional revenue and they are upset about it and they want more,” Wexler said, CNBC.com reports.

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