Debit cards were supposed to be toast. The industry started writing their obituary when financial reform targeted overdraft …
swipe fees
Retailers Want a Rematch in Swipe-Fee Battle: Will Consumers Lose?
The financial industry was stunned last summer when the Federal Reserve handed down a rule that effectively halved the amount banks could charge stores every time one of their customers swiped a debit card at a checkout terminal. …
Fed Ticks Off Retailers With Debit Interchange Ruling
The Federal Reserve Board isn’t really known for being shocking, but banks and retailers were shocked — and fighting mad — when the agency delivered its verdict on the contentious battle over debit interchange fees, capping fees at 21 cents per swipe — roughly half of the 44 cents banks currently collect every time a consumer uses …
How Debit Card Swipe Fee Changes Will Cost You
The banks have lost the swipe fee battle, and soon it’s expected that every time a debit card is used, the store where that card is swiped will collect a little more money, and the institution issuing that card will collect a …
Billion-Dollar Swipe Fee Battle Inches Toward Senate
Senator Jon Tester, the Montana Democrat who kicked off a flurry of lobbying from retailers and bankers when he sponsored legislation to delay the implementation of a reform on debit interchange or “swipe” fees, took to the Senate floor along with his co-sponsors today to present a proposal.
