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

This is one of those videos I WISH I did a better job structuring. It's so complicated but I think it could have been simpler. I'll do better next time, thank you!

Thanks for making complicated financial concepts a little easier to digest. Could you consider making a video breaking down the differences between types of life insurance and their benefits (how super wealthy people use it to possibly build generational wealth)? Thank you!

Knowledge is wealth and this man’s straight throwing it out for free

Wouldn't make a difference if there's a Durbin or not. They'll just find another way to do it.

And this is why we need crypto and why the bank doesn't

This is great work but the conclusion is way off. The reason that banks started charging more fees is much more complicated and nuanced than this one amendment. After 2008 and 2010 Banks faced increased capital requirements, low interest rates, a financial crisis that destroyed the financial sector, and yes some of it was due to increased regulations. I would would argue the regulations worked very well to stem the Banks from taking the risk they were taking. Had the Durbin amendment not passed, Banks were very likely to increase fees anyways. Lastly and very importantly, bigger businesses and merchants were taking advantage of better rates before and after the amendment. Economies of scale didnt change because of this rule. Lastly I will point out that issuing points on debit cards is funded from the higher fee base that existed before this rule. Much like credit card companies charge exorbitant processing fees. This is the reason we see great points rewards on them. Credit card rewards are regressive in the same way you describe interchange fees because they are only possible from the very inefficinet high interchange credit card rates. If you think debit card rates are high, wait until you see what it cost to process amex for a small business.

There shouldn’t be any transaction fees for using a debit card

Reminds me of a saying. There’s 3 sides to every story, one side, the other side, and the truth! 😂

Thanks for taking the time to do a deeper dive on this @Andrei, the quality of your content stands out

The solution to this problem is Bitcoin and the Lightning network which is far less expensive and cuts out all the middlemen and waste.