GO
Loading...

CNBC Quizzes

Quiz: CNBC QUIZ: The Impact Of Dodd–Frank

Question 1 of 10

Under the Dodd-Frank law, debit card swipe fees are capped at what amount per transaction?

  1. 2 cents
  2. 12 cents
  3. 22 cents
  4. 32 cents
Correct!

Under the Dodd-Frank law, debit card swipe fees cannot exceed 12 cents, a stiff limitation on a practice that once netted banks 1-2 percent of each transaction. Chase is responding to the cap by ending Debit Rewards, a program that earned its customers points on debit card purchases. The bank claims that the cap affects their ability to offer such programs to their customers, an unintended consequence of the law.