March 11 Small bank gains financial edge (Richmond Times-Dispatch)

Wells Fargo, one of the largest employers in the Richmond area, has estimated the financial impact of the Durbin amendment at $250 million after-tax per quarter and before offsets.

"We hope to recover 50 percent of the lost revenue over time through product changes and volume growth," said Kristy Marshall, a Wells Fargo spokeswoman.

Wells Fargo and SunTrust, another major bank in the Richmond area, say they discontinued rewards programs for debit-card users in response to regulatory changes.

SunTrust estimates a $50 million reduction per quarter in debit-card fees, known as interchange fees.

"The impacts are concentrated on the banking side; thus, that is where we will see the adjustments most clearly," said Raymond P.H. "Pat" Fishe, a finance professor at the University of Richmond.

"I think this will increase the shedding of lower net worth/lower income (bank) customers as an immediate effect," he said. "After that, I am not sure."