How will the new Interchange Laws imposed by the Fed effect you? Set for full implementation this Summer, the Dodd-Frank Act, capping debit interchange fees charged to merchants at 12 cents for each transaction-instead of the traditional 1% of the purchase price- are (not) going to be felt in your pocket, says the Independent Community Bankers of America (ICBA). The organization is insisting even the exemption for firms with assets under $10B won’t shield smaller banks from the negative effects, backing this with research showing 93% of these banks would be forced to charge you the customers for services that are currently free while 50% would charge you a fee for EVERY debit card transaction. The Act is projected to reduce annual revenue for U.S. banks by nearly $11.8 BN of the current $16.2 BN generated in debit interchange revenue, declining 73% from an average of $0.44 per transaction to the said $0.12 by July 21. They have to make this out somehow so the ICBA is warning you.