It's Halloween, and with that, Redbox responds to the trick-or-treat question with a 20% price increase at its 34,000 movie rental kiosks that starts today.
So what's the reason for the 20-cent price hike?
Congress. Specifically, Coinstar cites the recent passage of the Durbin Amendment as the reason why it has to jump its rates (in addition to any other increased operating expenses the company's faced). For those uninformed, the Durbin Amendment comes with two major provisions with which consumers have likely come into contact.
The first provision slapped a limit on the interchange fees that banks are allowed to charge – essentially, the money that they make from retailers whenever a consumer uses a debit card to make a purchase. In response, banks have started to scramble to cover the lost revenue, including going so far as to tell customers that they will soon be assessed a fee for using their debit cards to purchase items.