Urge Your Legistlator To Add “Interchange” to Banking Bill

Recommend: retailers and merchants urged to ask Sen Dodd to include interchange fee reform in banking bill, here is how:

The voice from actual constituents for each Banking Committee member can make a difference. Explain and personalize why merchant interchange “swipe” fees are an unfair and a hidden tax.  Ask why the rates in the U.S. are three-time that of other industrialized nations and urge that among any credit card reform is that interchange fees be included. Write letters to the editor.  Make sure your lawmakers and local media know the facts about interchange fees and how much they are costing retailers and consumers [unfaircreditcardfees.com].

Stop Unfair Credit Card Fees  Tell Your Elected Representatives To Act On Interchange Fees

Credit card fees known as interchange are hidden in the cost of nearly everything consumers buy. In 2008 alone, American consumers paid over $48 billion in credit card interchange fees. Even consumers who don’t use plastic pay more through higher prices. Visa issuers collectively set credit card interchange fees in secret and MasterCard issuers separately do the same. The fees can’t be negotiated and are not adequately disclosed to merchants or consumers.

Tell your elected representatives to stop the price-fixing by the credit card industry by providing an open and transparent process to negotiate credit card interchange fees.

Send your message now.

Who to reach on the Banking Committee:

Majority Members

Chris Dodd (D-Conn); Hartford Office: 30 Lewis Street, Suite 101, Hartford, CT 06103; Tel: (860) 258-6940 Fax: (860) 258-6958

Tim Johnson (D-SD); Banking Legislative Assistant (LA) Laura Swanson, Email: laura_swanson@johnson.senate.gov, Sioux Falls Office: 5015 South Bur Oak Place, Sioux Falls, SD 57108; Tel: (605) 332-8896 Fax: (605) 332-2824

Jack Reed (D-RI); Banking LA: Kara Stein
Email: kara_stein@reed.senate.gov; Providence Office: U.S. Federal Court House, One West Exchange Street, Room 408, Providence, RI 02903; Tel: (401) 528-5200 Fax: (401) 528-5242

Chuck Schumer (D-NY); Banking LA: Jonah Crane, Email: Jonah_crane@schumer.senate.gov; Albany Office: Leo O’Brien Building, Room 420, Albany, NY 12207, Tel: (518) 431-407 Fax: (518) 431-4076

Evan Bayh (D-IN); Banking LA: Ellen Chube, Email: Ellen_Chube@Bayh.senate.gov, Indianapolis Office: West Market Tower, 10 West Market Street, Suite 1650, Indianapolis, IN 46204; Tel: (317) 554-0750 Fax: (317) 554-0760

Bob Menendez (D-NJ), Banking LA: Michael Passante, Email: Michael_passante@menendez.senate.gov; Newark Office: One Gateway Center, 11th Floor, Newark, NJ 07102-5257; Tel: (973) 645-3030 Fax: (973) 645-0502

Daniel Akaka (D-HI), Banking LA: Matt Pippin
Email:matt_pippin@akaka.senate.gov; Honolulu Office: Prince Kuhio Federal Building, 300 Ala Moana Boulevard, Room 3-106, Honolulu, HI 96850 P.O. Box 50144, Honolulu, HI 96850; Tel: (808) 522-8970 Fax: (808) 545-4683

Sherrod Brown (D-OH), Banking LA: Patrick Johnson, Email: patrick_johnson@brown.senate.gov; Cleveland Office: 1301 East Ninth Street, Suite 1710, Cleveland, OH 44114, Tel: (216) 522-7272 Fax: (216) 522-2239

Jon Tester (D-MT), Banking LA: Jason Rosenberg, Email: Jason_rosenberg@tester.senate.gov; Helena Office: Capital One Center, 208 North Montana Avenue, Suite 202, Helena, MT 59601; Tel: (406) 449-5401 Fax: (406) 449-5462

Herb Kohl (D-WI), Banking LA: Hilary Swav
Email: Hilary_swav@kohl.senate.gov, Madison Office: 14 West Mifflin Street, Suite 207, Madison, WI 53703; Tel: (608) 264-5338 Fax: (608) 264-5473,

Mark Warner (D-VA), Banking LA: Nathan Steinwald, Email: Nathan_steinwald@warner.senate.gov; Richmond Office: 919 East Main Street, Suite 630, Richmond, VA 23112, Tel: (804) 775-2314 Fax: (804) 775-2319

Jeff Merkley (D-OR), Banking LA: Andrew Green, Email: Andrew_green@merkley.senate.gov; Portland Office: One World Trade Center, 121 SW Salmon Street, Suite 1400, Portland, OR 97204 P.O. Box 29136, Portland, OR 97296, Tel: (503) 326-3386 Fax: (503) 326-2900

Michael Bennet (D-CO), Banking LA: Brian Appel, Email: brian_appel@bennet.senate.gov, Denver Office: 2300 15th Street, Suite 450, Denver, CO 80202, Tel: (303) 455-7600 Fax: (303) 455-8851

Minority Members

Richard C. Shelby (R-AL), Banking LA: Graham Smith, Email: graham_smith@shelby.senate.gov; Birmingham Office: Robert S. Vance Federal Building, 1800 Fifth Avenue North, Room 321,
Birmingham, AL 35203, Tel: (205) 731-1384 Fax: (205) 731-1386

Bob Corker (R-TN), Banking LA: Courtney Geduldig, Email:courtney_geduldig@corker.senate.gov; Memphis Office: 100 Peabody Place, Suite 1125, Memphis, TN 38103, Tel: (901) 683-1910 Fax: (901) 575-3528

Jim DeMint (R-SC), Banking LA: Hap Rigby
Email: hap_rigby@demint.senate.gov; Columbia Office: 1901 Main Street, Suite 1475, Columbia, SC 29201, Tel: (803) 771-6112 Fax: (803) 771-6455

Kay Bailey Hutchison (R-TX), Austin Office:Federal Building, 300 East Eighth Street, Suite 961, Austin, TX 78701; Tel: (512) 916-5834 Fax: (512) 916-5839

Mike Crapo (R-ID), Banking LA: Gregg Richard
Email: Gregg_richard@crapo.senate.gov, Boise Office: 251 E. Front St., Suite 205, Boise, ID 83702; Tel: (208) 334-1776 Fax: (208) 334-9044

Others: Re-election in 2010

Democrates
Byron Dorgan (D-ND), Banking LA: Allen Huffman, Email: Allen_huffman@dorgan.senate.gov; Bismark Office: 312 Federal Building PO Box 2579, Bismarck, ND 58502; Tel: (701) 250-4618 Fax (701) 250-4484

Russ Feingold (D-WI), Milwaukee Office: 517 East Wisconsin Ave., Room 408, Milwaukee, WI 53202-4504; Tel: (414) 276-7282 Fax (414) 276-7284

Kristen Gillibrand (D-NY), Banking LA: Kevin Fink, Email: Kevin_fink@gillibrand.senate.gov; New York City Office: 780 Third Avenue, Suite 2601, New York, New York 10017;
Tel. (212) 688-6262, Fax (212) 688-7444

Pat Leahy (D-VT), Banking LA: Greg Cota
Email: Greg_Cota@leahy.senate.gov; Burlington Office: 199 Main Street, 4th Floor, Burlington, VT 05401, Tel: (802) 863-2525

Blanche Lincoln (D-AR), Banking LA: Anna Taylor, Email: anna_taylor@lincoln.senate.gov; Little Rock Office: 912 West Fourth Street Little Rock, AR 72201, Tel: (501) 375-2993 Fax (501) 375-7064

Harry Reid (D-NV), Banking LA: Mark Wetjen
Email: mark_wetjen@reid.senate.gov; Las Vegas Office: Lloyd D. George Building 333 Las Vegas Boulevard South, Suite 801 Las Vegas, NV 89101; Tel: (702)388-5020, Fax: 702-388-5030

Republicans

Chuck Grassley (R-IA), Banking LA:Kathy Nuebel Kovarik, Email: Kathy_nuebel@grassley.senate.gov; Des Moines Office: 721 Federal Building 210 Walnut Street Des Moines, IA 50309; Tel: (515) 288-1145 Fax: (515) 288-5097

Johnny Isakson (R-GA), Banking LA: Chris Cook; Email: chris_cook@isakson@senate.gov; Atlanta Office: One Overton Park, Suite 970 3625 Cumberland Blvd, Atlanta, GA 30339; Tel: (770) 661-0999, Fax: (770) 661-0768

Dick Lugar (R-IN), Banking LA: Kylin McCardle
Email: kylin_mccardle@lugar.senate.gov; Indianapolis Office: 10 West Market St Suite 1180, Indianapolis,IN 46204, Tel: (317) 226-5555, Fax: (317) 226-5508

Olympia Snowe (R-ME), Banking LA: Matthew Berger, Email: matthew_berger@sbc.senate.gov; Portland Office: 3 Canal Plaza Suite 601 Portland, ME 04101, Tel: (207) 874-0883, Fax: (207) 874-7631

Susan Collins (R-ME), Banking LA: Mark LeDuc, Email: mark_leduc@hsgac.senate.gov; Portland Office: One Canal Plaza Suite 802 Portland, ME 04101; Tel: (207) 780-3575

George Voinovich (R-OH), Banking LA: Jan Elizabeth Fowler, Email: Jan¬_fowler@voinovich.senate.gov; Cleveland Office: 1240 East 9th Street Room 3061 Cleveland, OH 44199, Tel: (216) 522-7095, Fax: 522-7097

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Credit Cards Lobbyist Tries To Explain Higher Card Rates (via KFI-AM 640)

Lobbyist Tries To Explain Higher Card Rates on the Thursday, October 29th 6pm segment of The John and Ken KFI-AM 640 Los Angeles radio show.

Listen here

Alternative link to listen, click here

Credit Card Gas Fee Rally (repost)

KWTV Coverage of Interchange Fees

NACS Leads Credit Card Petition Against Unfair Fees

NRF Testifies that Credit Card Companies are in an ‘Arms Race’ to Increase ‘Swipe Fees’ Paid by Merchants and Consumers (NRF via BW)

WASHINGTON–(BUSINESS WIRE)–The National Retail Federation today warned Congress that credit card companies are in an “arms race” to increase the $48 billion in “swipe” fees paid by merchants and their customers each year, and urged passage of legislation that would put rules governing the fees under the jurisdiction of the Federal Trade Commission.

“There is an arms race to create cards with higher fees and more bells and whistles,” NRF Senior Vice President and General Counsel Mallory Duncan said. “The market checks that would normally exist to curb this escalation in fees are diminished because the card companies know that every merchant is required to take these expensive new cards or lose their ability to accept any cards. The Welch-Shuster bill would allow the most expensive cards to be refused, and while we expect that few merchants would actually refuse cards if this were passed, it would make the card companies think before they reflexively introduce cards with higher fees.”

“Most consumers don’t know it, but every time they swipe a rewards card with its miles and concierge services, they are driving up the price of everything they buy even higher,” Duncan said. “This particularly hurts less-privileged Americans who don’t have rewards cards or can’t get cards at all because Visa and MasterCard rules effectively require that everyone pay the credit card price even if they are paying with cash, check, debit card or even food stamps.”

“There is no regulator that reviews whether credit card company rules are unfair, deceptive or anticompetitive,” Duncan said. “This legislation would deal with this absence of oversight by directing the Federal Trade Commission to review card company rules and prohibit practices that meet that description. That is the minimum level of protection that this market needs to begin to function properly.”

Duncan testified before the House Financial Services Committee today during a hearing on H.R. 2382, the Credit Card Interchange Act of 2009, sponsored by Representative Peter Welch, D-Vt., and co-sponsored by Representative Bill Shuster, R-Pa. The bill would require credit card companies to disclose interchange rates, terms and conditions, and give the Federal Trade Commission authority to review interchange and prohibit any practices that violate consumer protection or anti-competition laws. Merchants would be allowed to give cash discounts and set minimum credit card purchase amounts, and could choose which credit cards to accept.

Interchange is a fee averaging 2 percent that Visa and MasterCard banks charge merchants each time one of their credit cards is swiped to pay for a purchase. But Duncan explained to the committee that the rate can range from as low as about 1.5 percent for an ordinary card to 3 percent or more for “gold” and “platinum” cards that offer rewards like travel miles or concierge services. In recent years, card companies have created an escalating series of rewards cards – each carrying more rewards but also higher fees – and “upgraded” millions of consumers. The higher-fee cards can’t be turned down by merchants because of Visa and MasterCard’s “Honor All Cards” rule. The practice, along with marketing that has pushed the use of plastic and introduced cards into new areas like taxis, has helped triple interchange revenue from the $16 billion collected when NRF began tracking the fees in 2001 to the $48 billion collected last year.

Visa and MasterCard rules effectively force merchants to pass the fees on to consumers by requiring them to be included in the advertised price of merchandise and making cash discounts difficult. The result is that the average household paid an estimated $427 in higher prices last year, up from $159 in 2001.

Merchants have long sought to offer cash discounts, but Duncan said an amendment to this spring’s credit card reform bill that would have blocked credit card companies from interfering with that ability was met with “howls of protest’ from the card industry and was not included in the final measure.

The National Retail Federation is the world’s largest retail trade association, with membership that comprises all retail formats and channels of distribution including department, specialty, discount, catalog, Internet, independent stores, chain restaurants, drug stores and grocery stores as well as the industry’s key trading partners of retail goods and services. NRF represents an industry with more than 1.6 million U.S. retail establishments, more than 24 million employees – about one in five American workers – and 2008 sales of $4.6 trillion. As the industry umbrella group, NRF also represents more than 100 state, national and international retail associations. www.nrf.com.

[/source]

Financial Coalition Supports Interchange Reform

Americans for Financial Reform adopts official position to reform deceptive credit card interchange practices.

 

[repost from NACSOnline]

WASHINGTON – Americans for Financial Reform, a group of about 200 national and state organizations that support reform to our nation’s current financial sector, announced its support this week to reform credit card industry practices.

The group released a position paper that outlines its members concerns and support for legislative action that would bring transparency and fairness to a broken system — particularly hidden “swipe fees” (interchange fees) “paid by all Americans, regardless of whether they use credit, debit, checks or cash.”

The group writes:

“Swipe fees have grown at a staggering pace — from about $16 billion in 2001 to about $48 billion in 2008. This is a clear sign of a broken market. Not only do these huge fees injure consumers by inflating the cost of goods and services, they create incentives for banks to view credit and debit cards as fee engines. It is not coincidence that consumer-side fees such as late fees, over-limit fees, overdraft fees and others have seen rapid increases during the last several years, just as swipe fees have exploded. Seeing the potential income from fees has made banks’ business models develop such that they often view their customers as fee-generating machines. These business models have dictated the proliferation of cards and incentives for increased card use without appropriate attention to the risks that consumers might not have the ability to repay the debts they incur on these cards.

“And unfortunately, those credit card swipe fees continue to accelerate, because there is nothing — no marketplace or competitive force — to restrain Visa and MasterCard from charging consumers and merchants more, even though technological advances should have reduced the cost of providing the services. So, not surprisingly, these fees have been skyrocketing.

“There are two essential elements to a competitive marketplace: information and choice. Accurate and transparent information is necessary for consumers to make accurate choices. When information is readily available consumers can make choices, effectively compelling firms to compete for their purchases. And choice is a necessary element too. Absent choice, the discipline of the market will be lost. The credit card market lacks both choice and adequate information. From a consumer’s perspective, it lacks choice because it is an oligopolistic market in which a small set of card issuers dominate the market and establish a set of hidden practices that increase consumer costs.

“Markets don’t work when there are hidden fees and rules — and no one hides fees and rules better than the credit card companies. Credit card markets lack the information necessary for both consumers and merchants to make informed choices. For merchants, the markets lack adequate information because the associations prevent merchants from accurately informing consumers of the costs of credit card acceptance or attempting to direct them to more efficient and lower priced payment mechanisms. In fact, merchants have no alternative but to accept the card associations’ cards even when the associations significantly increase prices.           

“Credit card industry practices must be reformed in order to deal with these market failures and the resulting injury to consumers. Transparency and market forces are needed to check the growth of unjustifiably high swipe fees. Consumers have a right to know the amount of the swipe fees charged in conjunction with their transactions. Merchants too must be given information about the type of card that they are receiving at the point of sale and the corresponding interchange fees. In addition, the Visa and MasterCard operating rules that dictate how the credit and debit card systems operate must be provided to a regulator that, in turn, makes those materials public for everyone to see and analyze.

“Visa and MasterCard rules that are unfair, deceptive, or anticompetitive must also be abolished. These practices harm consumers by increasing the cost of goods and services and by preventing retailers from offering or encouraging the use of lower cost payment options. This process should start with providing a strong regulatory agency, such as the Federal Trade Commission (or Consumer Financial Protection Agency) the power to review the Visa and MasterCard rules and prohibit any it finds to violate these tenets that govern transactions throughout our economy. Additionally, specific, anticompetitive rules must be overturned immediately to allow merchants to do the following:

• Provide consumers with discounts for using cheaper credit or debit cards or other forms of payment that are cheaper such as cash and checks. The credit card networks and banks should not be able to limit how these discounts are displayed or advertised by merchants. Ensuring that merchant pricing is accurate and clear is the role of state consumer protection laws. Banks do not limit merchant pricing displays to protect consumers — they do it to prevent competition in the market and prevent transparency in their fees.
• Communicate merchant preferences among payment types to consumers. The “honor all cards” rule that requires merchants to accept every card Visa or MasterCard creates — no matter how high they set the fees for that card — should not stand.
• Accept certain cards at some merchant sites, rather than at all locations, and set minimum or maximum purchase size limits for transactions involving a card.

“A large set of organizations are working together to advance our common interest in an accountable, transparent and secure financial system, and to accomplish our shared policy goals. Because the organizations involved and the issues addressed are diverse, not every organization works on or has a policy position on every specific issue. We are unanimous in our call for change to repair our nation’s broken financial system, establish integrity in the financial markets, and facilitate productive economic activity that benefits all segments of our communities.”

[/source]

Banking, credit card cartel so intoxicated by greed that their advocacy lobbyists just issued this…

Electronic Payments Coalition, the group funded by Visa Inc.,  MasterCard Worldwide and the major banks and credit card issuers (payment card networks and financial services companies) just issued this press release. Click here.

We disagree with it, including this key point:  The problem with cash discounts is that they don’t allow for different prices depending on the type of payment card used.  There are about one-hundred separate merchant interchange fees and it is nearly impossible to know what the cost is for each transaction. In other words, they prevent Visa and MasterCard from competing over the cost of acceptance. The same principle applies to the honor-all-cards rules, which prevent merchants from exercising a preference for lower-cost cards, thereby preventing competitive forces from placing downward pressure on interchange fees. Not to mention the condescending, patronizing attitude that credit card companies know better than merchants how to treat a merchant’s customers.

 

—————-

PRNewswire release

Merchants Can Already Discount for Cash, But Don’t – So What Would H.R. 2382 Really Do?

Electronic Payments Coalition Unveils the Truth About Rep. Peter Welch’s Interchange Bill

WASHINGTON, Oct. 7 /PRNewswire/ — In advance of the October 8th hearing in the House Financial Services Committee on H.R. 2382, “The Credit Card Interchange Fees Act,” sponsored by Rep. Peter Welch (D-VT), the Electronic Payments Coalition has issued the following statement:

“H.R. 2382 is one of the most egregious assaults on consumer protection that this country has seen in some time. Disguised as a measure to allow for cash discounts – something that is already allowed by federal law and by all card network contracts – the bill would instead open up the door for bait-and-switch advertising schemes, charging additional checkout fees at the register, and discrimination against certain card holders. The bill is chock full of provisions that mean one thing: consumers will pay more so merchants can pay less. Bottom line – retailers don’t want to pay their fair share for a service that brings them more sales and higher profits – and want their customers to pick up the tab instead.”

The Electronic Payments Coalition released today a document detailing the anti-consumer protection measures detailed in H.R. 2382. This document follows this statement.

Rep. Peter Welch’s H.R. 2382 – “The Credit Card Interchange Fees Act” – would…

Leave consumers vulnerable and unprotected against deceptive, bait-and-switch advertising.

Rep. Welch’s legislation would eliminate important consumer protections on how merchants are allowed to advertise their prices – restrictions that are in place expressly to protect consumers. This would allow retailers to promise one low price, then charge more – potentially a lot more – when the customer reaches the cash register. Consumers would be left unprotected, forced to pay the demanded price regardless of what was advertised – and retailers would profit unjustly from their dishonest schemes.

Leave consumers stranded at the checkout counter.

Imagine getting to the front of a long line at the grocery store, only to discover that the store doesn’t accept your alma mater’s credit card. Or they won’t accept the card that donates a few cents of every purchase to your favorite charity. This legislation allows merchants to pick and choose which cards they will accept – and which cards they won’t – with no advance warning to their customers.

Dramatically reduce – or eliminate – the card rewards programs that are used by 80% of American households.

H.R. 2382 would prohibit a slightly higher interchange rate for rewards cards – cards that are traditionally used by customers who are proven to spend more when they shop, in turn providing greater value to merchants. Unfortunately, merchants don’t want to pay for this benefit – and the result would be far fewer rewards for American consumers who value such programs. In fact, similar regulation in Australia has resulted in a 23% reduction in the value of rewards programs for consumers.”

Force businesses to disclose highly confidential financial information to the public and to their competitors.

H.R. 2382 would require every contract, rate agreement, and rule on merchant discount rates to be submitted to the Federal Reserve, which would then be responsible for publishing every bit of it. This would involve literally millions of documents, most containing highly sensitive financial information. The chaos that would result from the sheer volume of contracts – not to mention the compromised financial information – would be incredibly harmful to retailers and to financial institutions.

Falsely characterize interchange as a consumer fee, by requiring that it be disclosed on consumer statements.

It’s simple: consumers don’t pay for the cost of card acceptance. It’s a cost of doing business for merchants that accept cards. Despite this clear distinction, H.R. 2382 would force card issuers to print the amount of interchange, as well as the total amount various merchants paid for each charge – an amount that varies depending on what each merchant negotiated – on consumer’s credit or debit card statements. This is nonsensical, unrealistic, and would ultimately confuse consumers and the financial decisions they make.

About Electronic Payments Coalition

The Electronic Payments Coalition (EPC) includes credit unions, banks, and payment card networks that move electronic payments quickly and securely between millions of merchants and millions of consumers across the globe. EPC’s goal is to protect the value, innovation, convenience and competition in today’s growing electronic payments system. EPC educates policymakers, consumers, and the media on the system’s role economic growth, and the importance of protecting consumer choice and stability for the continued growth of global commerce. http://electronicpaymentscoalition.org/

SOURCE Electronic Payments Coalition

Prepaid, but Not Prepared for Debit Card Fees (NYT)

Andrew Martin at The New York Times wrote (p. 1 Oct 6th) about the latest credit card prepaid pricing tricks.  Of extra interest is the photo showing several prepaid “debit” cards and all challenge the results of the earlier MasterCard and Visa settlement; the “debit” cards are indistinuishable from traditional credit cards, other than the cleverly hidden word “debit.”

Click here to read more.

Excerpt:

The MiCash Prepaid MasterCard docks cardholders a $9.95 activation fee. Like many competitors, it then charges numerous recurring fees, including $1.75 for each A.T.M. withdrawal, $1 for each A.T.M. balance inquiry, 50 cents for each purchase, $4 for monthly maintenance, $2 for inactivity after 60 days and $1 for a call to customer service.

The Millennium Advantage Prepaid MasterCard goes further, listing an application fee of up to $99. The Silver Prepaid MasterCard advertises that it does not charge for overdrafts as many debit cards do, but it gives itself the option of charging a $25 shortage fee if customers exceed their balance.

 [/source]

Interchange Fee Debate Set for Thursday (via NACSOnline)

WASHINGTON – On Thursday, the U.S. House Financial Services Committee will hold a hearing on a financial bill that limits fees credit card companies charge merchants, The Hill reports. In recent weeks, both retailers and card companies have been lobbying Congress about interchange fees.

Reps. Peter Welch (D-VT) and Zoe Lofgren (D-CA) sponsored a bill that would clamp down on interchange fees. On Wednesday, Welch came to a rally with NACS and 7-Eleven store operators, which had collected 1.6 million signatures on petitions supporting the new restrictions.

On the flip side, card companies argue that the measure is not at all about protecting small retailers. “The big-box retailers, hiding behind some of the convenience-store folks, want to use the electronic payment system for free, which is ridiculous when they get higher sales, convenience from having to deal with cash, guaranteed payment for their services and products, and all the risk associated with credit cards gets passed onto the financial institutions,” said Dan Berger, executive vice president of the National Association of Federal Credit Unions.

[via NACSOnline]

House Committee To Review Interchange Bill

NACS urges retailers to contact Committee members and plead their case before the hearing.

The House Financial Services Committee has scheduled a hearing for Oct. 8 to receive testimony on the Credit Card Interchange Fees Act (H.R. 2382), NACS reported.

 This legislation, introduced by Reps. Peter Welch (D-VT) and Bill Shuster (R-PA), would begin to change many of rules imposed on merchants by the credit card companies.

In preparation for the hearing, NACS is stressing that it is important for members of the Committee to understand the effect credit card company policies and rates have on your business and is urging retailers with operations in districts represented by House members serving on this Committee to contact these legislators and ensure they understand the importance of this legislation to your business.

 Visit the Financial Services Committee’s Web site to see which representatives serve on this Committee. You can contact these members by calling the Capitol Switchboard at (202) 224-3121.

H.R. 2382 aims to prohibit anti-competitive practices, which are banned through contracts merchants sign with Visa and MasterCard. 

“NACS believes that these are fundamental rights that ensure an open, competitive market and should not be able to be limited by the credit card companies. These include, but are not limited to, additional charges for premium cards or access devices, pricing display restrictions, ‘honor all cards’ rule, and reason code 96 chargebacks,” the association noted.

In addition the legislation aims to disclose rules that provide the FTC authority to eliminate anti-competitive rules, requiring the credit card companies to disclose all terms, rates and conditions to the FTC and allows the FTC review and determine if practices are anti-competitive; requires full disclosure of interchange and other fees collected from merchants to the fed and the public; and requires the full disclosure of interchange or other merchant-paid fees to customers. 

[Source Convenience Store Decisions]

7-Eleven Delivers Congress 1.6 million signatures; Stop Unfair and Non-negotiable Credit Card Fees (FoxNews)

Click here to view FoxNews video.

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WayTooHigh American consumers and merchants pay more for credit card interchange fees than consumers and retailers in other industrialized economies6 minutes ago from HootSuite Merchants don’t mind paying fair share of credit card interchange fees, that amount is ~13% of the fee we (consumers) are FORCED to payabout 6 hours ago from HootSuite Chase and Wells Fargo cut debit card overdraft fees overdrawn by JUST $5 or less. Not very pro-consumerabout 8 hours ago from HootSuite O.C. 7-Eleven franchisee takes credit-card fee battle to D.C. http://ow.ly/r9VUabout 18 hours ago from HootSuite Priceless: The Case That Brought Down The Visa/MasterCard Bank Cartel Book Review & Giveaway http://ow.ly/r8bT4:31 PM Sep 25th from HootSuite Shares of Visa (NYSE: $V) and Mastercard (NYSE: $MA) are both down over 4% today on concerns regarding potential government legislation4:29 PM Sep 25th from HootSuite Our most clicked on Tweet today: U.S. Sen. Dodd Pushes for Interchange Fee Reform (NACSOnline) http://ow.ly/r8424:12 PM Sep 25th from HootSuite After watching Michael Moore’s “Capitalism: A Love Story” urge everyone to follow RT @WayTooHigh; http://www.WayTooHigh.com4:06 PM Sep 25th from HootSuite The credit card companies never encountered social network marketing and Twitter to challenge their immoral fees4:04 PM Sep 25th from HootSuite Visa and MasterCard was 100% controlled by the same 1000’s of it’s member banks.4:03 PM Sep 25th from HootSuite Where are the regulations and rules against MasterCard and Visa. Sherman Antitrust Act was designed just for this issue4:02 PM Sep 25th from HootSuite For complete info on the battle against MasterCard and Visa see http://www.WayTooHigh.com4:01 PM Sep 25th from HootSuite Banks and MasterCard and Visa are feeling the heat, but they are masters in manipulating Congress4:01 PM Sep 25th from HootSuite MUST SEE: Michael Moore’s “Capitalism: A Love Story” banks created virtual casino. http://ow.ly/r7YJ4:00 PM Sep 25th from HootSuite Credit card companies reached tipping point for excessive fees. Happy 5-year legal battle is being noticed.3:59 PM Sep 25th from HootSuite Scam to swindle merchants out of ~2% sales payable for antiquated credit card processing fees out of control 6X other nation’s fees.3:58 PM Sep 25th from HootSuite Banks will be hit hardest from loss of interchange fees, but, remember member banks (1000s) co-own ~50% of $V $MA #Visa #MasterCard3:50 PM Sep 25th from HootSuite Credit Card shares FALL; Gov’t talks on merchant interchange fees. MasterCard fell 4.8% ( $204.70), Visa dropped 3.9% ($70.66)3:47 PM Sep 25th from HootSuite No surprise. In the $V and $MA IPO SEC filings, but warned “insolvency” possible if our merchant interchange suit is successful3:45 PM Sep 25th from HootSuite Bank of America urges federal judge to dismiss the U.S. SEC’s complaint accusing it of misleading shareholders about bonuses [why?]3:38 PM Sep 25th from HootSuite Credit Card Fees Have Retailers Ready for War – http://bit.ly/WBVub2:24 PM Sep 25th from web “Credit Card Fees Have Retailers Ready for War” [Agree, I've been at war, suing MasterCard, Visa and banks for 5 yrs]. http://ow.ly/r7fB2:22 PM Sep 25th from HootSuite RT @CSNewsOnline: Consumers Respond to 7-Eleven’s Call to Action on Credit Card Fees http://tinyurl.com/ydezbqd10:50 AM Sep 25th from HootSuite The Electronic Payments Coalition issued the following statement: (funded by banks, who trusts banks anymore?!) http://ow.ly/qcBf10:50 AM Sep 25th from HootSuite RT @miaminewsnow: Major Banks Changing Overdraft Fee Rules: When Congress began to debate and credit card reform .. http://bit.ly/IxXQS10:16 AM Sep 25th from HootSuite RT @WBTVPrimeTime: Cover Story: Bank customers striking back: Upset over credit card ..overdraft fees http://tinyurl.com/ybpglpt8:02 AM Sep 25th from HootSuite Frank backs Rep. Ron Paul’s Fed audit bill – MarketWatch – http://bit.ly/iMH6h6:56 AM Sep 25th from web RT @glcspdn: CSP Daily News: 7-Eleven taking 1.6 million “Stop Unfair Credit Card Fees” consumer signatures to D.C. http://bit.ly/10HTxQ6:39 AM Sep 25th from HootSuite As Washington remedies unfair credit card interchange fees, the hundreds of billions in prior years’ charges need to be returned too6:38 AM Sep 25th from HootSuite “Dodd Will Push To Control Bank Fees For Merchants” (via Kenneth R. Gosselin, Hartford Courant): http://ow.ly/r1Q86:17 AM Sep 25th from HootSuite U.S. Sen. Dodd Pushes for Interchange Fee Reform (NACSOnline) http://ow.ly/r1MT6:12 AM Sep 25th from HootSuite Will those banks changing the debit card overdraft fees make it retroactive and REFUND the billions in unfair overcharges?4:54 PM Sep 24th from HootSuite Senator Chris Dodd is right: “the [credit card] system has gotten completely out of wack.”11:26 AM Sep 24th from HootSuite Credit card purchase fees gouge US merchants-group http://ow.ly/qczx10:40 AM Sep 24th from HootSuite Phony consumer-friendly banking overdraft rules. will get fees from other services [interchange raises?], or end when heat is off?10:26 AM Sep 24th from HootSuite Credit card co’s charging GIANT hidden tax on consumers. Overdraft a debit card = PAY BIG BUCKS: http://ow.ly/kJHb10:15 AM Sep 24th from HootSuite Report: Nine Scientifically Proven Ways to Get Retweeted on Twitter [via Fast Company] http://ow.ly/qS879:35 AM Sep 24th from HootSuite U.S. credit card interchange fees ~2X rates in UK, New Zealand. ~4X rates in Australia. ~6X cross border MasterCard rates in the EU9:20 AM Sep 24th from HootSuite The bank’s “overdraft protection” policy is to PROTECT their balance sheets with unbridled greed at expense of consumers9:19 AM Sep 24th from HootSuite credit card issuers curbing usurious overdraft policies raises larger question. Where’s the refund for decades of abuse?9:17 AM Sep 24th from HootSuite Exactly as we said. The banks will use the shift in debit card overdraft fees as marketing tool; See FULL PAGE NYT’s (9/24 p A5) Chase ad.9:13 AM Sep 24th from HootSuite Way to go JPMorgan Chase – 1 day after heat from usurious ~3500% annualized overdraft fee rates, they advertise a change9:12 AM Sep 24th from HootSuite Cavalcade of credit card company tricks continues. Wells Fargo cuts overdraft debit card fees due to criticism9:08 AM Sep 24th from HootSuite How to INSTANTLY save $125,000,000,000 ($125 billion) – take control of credit card interchange “swipe” fees7:15 AM Sep 24th from HootSuite Citigroup Inc. and Bank of America Corp. each received $45 billion in U.S. Gov’t TARP funds and have yet to repay it10:22 PM Sep 23rd from HootSuite NICE REACTION TO OUR EARLIER TWEET: BofA refunds 1 person’s debit card overdraft fees AFTER NBCNews how about for EVERYONE http://ow.ly/qNLD7:50 PM Sep 23rd from HootSuite RT @cynergydata: Credit card companies responding to overdraft criticism http://bit.ly/jUvLd6:40 PM Sep 23rd from HootSuite Bank of America drops arbitration requirement (via AP) – http://ow.ly/k7KX5:40 PM Sep 23rd from HootSuite Credit card PIRACY! video – http://ow.ly/pLZo3:40 PM Sep 23rd from HootSuite RT @jordancrowder: @BofA_help Now BOfA charging me overdraft protection on my CC for a service that didnt protect me in the first place!3:32 PM Sep 23rd from HootSuite WATCH OUT. curtailing debit card overdraft fees is nothing more than a marketing gimmick, look out for higher fees elsewhere3:22 PM Sep 23rd from HootSuite Nice to see that people are catching onto how the credit card issuers play their game, lower one fee, RAISE OTHERS3:21 PM Sep 23rd from HootSuite Candice Choi at AP wrote: “Where will banks make up lost overdraft fees?” [Answer: INTERCHANGE FEES] – http://ow.ly/qLIM2:34 PM Sep 23rd from HootSuite The Mirror Image: Health Insurance and Credit Card Companies (video) http://ow.ly/qLCH2:23 PM Sep 23rd from HootSuite Think the $38,000,000,000 in bank overdraft fees last year was high? Merchange interchange change credit card fees ~DOUBLE THAT!2:15 PM Sep 23rd from HootSuite Ron Lieber wrote in the NYT’s that JPMorgan Chase and Bank of America have overhauled their debit card overdraft fees. http://ow.ly/qHmG11:06 AM Sep 23rd from HootSuite Rulings against Visa and MasterCard in New Zealand are foreshadow of how deeply both credit card associations may fall in U.S.11:00 AM Sep 23rd from HootSuite Priceless: The Case that Brought Down the Visa/MasterCard Bank Cartel by Lloyd Constantine http://ow.ly/peWk10:55 AM Sep 23rd from HootSuite @ronlieber – Thanks for your NYT’s article on overdraft fees. I added commentary here: http://ow.ly/qHka. Mitch Goldstone 949-474-765410:09 AM Sep 23rd from HootSuite Banks Revise Overdraft Debit Card Fees, Why Not Interchange Fees Too? http://ow.ly/qHka8:54 AM Sep 23rd from HootSuite Bank of America refunds all debit card overdraft fees AFTER NBC News segment for one person, how about for EVERYONE? http://ow.ly/pnK77:55 AM Sep 23rd from HootSuite When consumers say retailers should pay the cost of accepting credit and debit cards, don’t they know THEY ultimately ARE!7:40 AM Sep 23rd from HootSuite Credit card companies once looked for reasons to keep account balances high are reshaping images as proponents of responsible money mgmt7:05 PM Sep 22nd from HootSuite Charge-offs+delinquencies are rising as unemployed credit-card holders are falling behind. Interchange revenues declining http://ow.ly/qAHQ4:41 PM Sep 22nd from HootSuite RT @TIMEMostPopular: Credit-Card Fees: Retailers Fighting Back: Restaurants retailers in the U.S. pay a steep fee .. http://bit.ly/t2Jzo10:25 AM Sep 22nd from HootSuite The press release FLUFF announcing the $$$ “Chase Sapphire” credit card FAILS to mention HIGHER interchange fee costs – http://ow.ly/kH0G10:20 AM Sep 22nd from HootSuite MORE UNFAIR CREDIT CARD FEES: Banks charging $35 for a cup of coffee (via NYT’s editorial 8/20) http://ow.ly/kJC510:05 AM Sep 22nd from HootSuite Join Mitch Goldstone (ScanMyPhotos.com) and other photo imaging industry execs in Cologne, Germany (Oct 21-22) http://ow.ly/q6Hi8:20 AM Sep 22nd from HootSuite Q: Why should retailers be taken on a ride when affinity reward credit cards R used? A: Consumers ultimately pay = NO FREE REWARDS7:35 AM Sep 22nd from HootSuite FEES charged by airlines to process credit card payments are excessive, disproportionate to the cost of the transactions http://ow.ly/quFJ7:34 AM Sep 22nd from HootSuite Credit card surcharges disproportionate to true costs, airlines hitting passengers with hefty credit card booking fees http://ow.ly/qsDF4:49 AM Sep 22nd from HootSuite “battle is brewing over the processing fees that banks charge merchants each time a customer uses a credit or debit card” http://ow.ly/pLYP10:40 AM Sep 21st from HootSuite hidden cost of credit cards should be studied by Gov Accountability Office re effects of interchange fees on consumers7:38 AM Sep 21st from HootSuite How to INSTANTLY save $125,000,000,000 ($125 billion) – take control of credit card interchange “swipe” fees7:15 AM Sep 21st from HootSuite What Is “Interchange” [video: Electronic Payments Coalition] http://ow.ly/qcFw10:53 AM Sep 20th from HootSuite You just gotta see this bank-funded site. Can wait for a jury to hear the real facts: http://electronicpaymentsco…10:42 AM Sep 20th from HootSuite Merchants don’t mind paying fair share of credit card interchange fees, that amount is ~13% of the fee we (consumers) are FORCED to pay10:39 AM Sep 20th from HootSuite The Electronic Payments Coalition issued the following statement: (funded by banks, who trusts banks anymore?!) http://ow.ly/qcB910:36 AM Sep 20th from HootSuite Think of how cool it would have been if Erin Brocovich had Twitter; used it as we are against nation’s lgst antitrust case in U.S. history10:33 AM Sep 20th from HootSuite Fact: Visa and MasterCard STILL charge interchange fees, but they call that portion “Discount Fees” Where’s the Discount???10:31 AM Sep 20th from HootSuite Visa and MasterCard say banks charge the interchange fees, but WHO OWNED 100% of Visa and MasterCard pre IPOs? BANKS!10:30 AM Sep 20th from HootSuite Credit card purchase fees gouge US merchants-group http://ow.ly/qczp10:28 AM Sep 20th from HootSuite Sen Chris Dodd, head of the Senate Banking Committee, plans to propose merger of 4 bank agencies into one super-regulator.6:35 AM Sep 20th from HootSuite The issue with credit card interchange “swipe” fees is a ~$48 bln annual price-fixing overcharge. My Ecommerce biz FORCED to accept CCs5:35 PM Sep 19th from HootSuite Emotional radio brodcast just after WWII from Germany – The Jewish Service Heard Round the World; YouTube: http://ow.ly/pZLf9:20 AM Sep 19th from HootSuite When consumers say retailers should pay the cost of accepting credit and debit cards, don’t they know THEY ultimately ARE!7:28 AM Sep 19th from HootSuite RT @BoycottBanks: Retail Credit Card Fees Much Higher in the USA….: Americans are being forced to pay significant.. http://bit.ly/1BJK2j7:24 AM Sep 19th from HootSuite U.S. retailers pay credit-card fees up to six times greater than those paid by retailers in other countries, (MPC)7:21 AM Sep 19th from HootSuite Electronic Payments Coalition (funded by MasterCard, Visa and credit card issuers) attacking its customers! http://ow.ly/pc3H4:30 PM Sep 18th from HootSuite Other than illegal price-fixing, technology should have significantly led to MUCH lower merchant interchange credit card swipe fees1:05 PM Sep 18th from HootSuite RT @SanJoseCP: San Jose: Congress considering three bills that would regulate credit card fees http://bit.ly/3t6VFu12:25 PM Sep 18th from HootSuite The U.S. pays approximately 60% of swipe fees globally – about double the U.S. percentage share of global GDP11:20 AM Sep 18th from HootSuite Banks raked in an estimated $48 billion in swipe fees in 2008 – an average of $427 per American household in just one year.11:05 AM Sep 18th from HootSuite Attorney Lloyd Constantine of Constantine Cannon has book coming out: “Priceless: The Case that Brought Down the Visa/MasterCard Bank Cartel10:55 AM Sep 18th from HootSuite Hidden swipe fees cost Americans more than all credit card annual fees, cash advance fees, over-the-limit fees, and late fees combined10:20 AM Sep 18th from HootSuite Interchange fees started out in the 1960s as a way for banks to cover the cost of processing credit card transactions10:02 AM Sep 18th from HootSuite Merchants take a swipe at card fees (via Marketplace Money) http://ow.ly/kXrE $V $MA #MasterCard #Visa #banking8:45 AM Sep 18th from HootSuite U.S. credit card interchange fees ~2X rates in UK, New Zealand. ~4X rates in Australia. ~6X cross border MasterCard rates in the EU8:20 AM Sep 18th from HootSuite How to INSTANTLY save $125,000,000,000 ($125 billion) – take control of credit card interchange “swipe” fees7:02 AM Sep 18th from HootSuite “battle is brewing over the processing fees that banks charge merchants each time a customer uses a credit or debit card” http://ow.ly/pLYB6:40 AM Sep 18th from HootSuite Credit Card interchange fees around the world, why is the U.S. among the highest? (Merchants Payments Coalition) http://ow.ly/pWJa6:05 AM Sep 18th from HootSuite NACS Study: US Pays More for Interchange Fees – http://ow.ly/pX7O5:47 AM Sep 18th from HootSuite RT @HaTaMaLbusines: Credit-Card Fees: Retailers Are Fighting Back (source: Time) http://hatamal.com/1d35a05:13 AM Sep 18th from HootSuite Credit card interchange fees have more than TRIPLED in the amount collected in the past 8 years!5:05 AM Sep 18th from HootSuite The same reckless, predatory lending practices that led to the sub-prime mortgage meltdown still prevail with credit cards (MPC)5:45 PM Sep 17th from HootSuite reading from @time http://bit.ly/FEQCn5:31 PM Sep 17th from web MasterCard and Visa are WRONG. Banks, not merchants are using interchange fees to boost profits and enhance revenues5:25 PM Sep 17th from HootSuite Credit card PIRACY! video – http://ow.ly/pLZk3:40 PM Sep 17th from HootSuite @DebitPrepaid – We get retail customers insisiting debit cards be processed as credit cards to get benefits1:49 PM Sep 17th from web in reply to DebitPrepaid Visa and MasterCard JUST aren’t getting the message. Other businesses are lowering costs, but them. Just got the bi annual increase letter1:40 PM Sep 17th from HootSuite Bank of America “Keep The Change” Round-Up credit card program; another scheme to get more interchange fees? http://ow.ly/pS8p1:28 PM Sep 17th from HootSuite Merchants Payments Coalition 2 release study today: European countries, Canada & New Zealand handle interchange fees http://ow.ly/pM0o10:45 AM Sep 17th from HootSuite About 90% of all business in U.S. from sm biz, not giant chain stores. Ending merchant credit card fees benefit us little guys too.10:45 AM Sep 17th from HootSuite All About the Visa and MasterCard Promotional Gift Card Scheme (repost) http://ow.ly/kdYg10:00 AM Sep 17th from HootSuite More consumers using debit cards (50.4%) over all noncash sales (AP), but ScanMyPhotos.com and many merchants process it at higher CC rates9:55 AM Sep 17th from HootSuite MasterCard Europe has promoted UK head of marketing Rita Broe to the position of group head of European marketing9:40 AM Sep 17th from HootSuite @nancytrejos profiled our battle against credit card interchange fees in the WashPost – http://ow.ly/pLYk8:35 AM Sep 17th from HootSuite “The Stimulus Didn’t Work” (WSJ John F. Cogan Opinion); Really? Why then is stock market at intra level HIGHS?!8:25 AM Sep 17th from HootSuite Merchants also launched antitrust suit against the banks and credit cards in connection with interchange fees. [that's us] http://ow.ly/pOir7:50 AM Sep 17th from HootSuite Janet Morrissey at TIME Mag writes that retailers ready to fight credit cards fees. We’re 5 yrs in already! http://ow.ly/pOgV7:48 AM Sep 17th from HootSuite Visa Inc survey claims consumers want retailers to pay interchange fees, but THEY are ultimately the ones paying it! http://ow.ly/pO5r7:34 AM Sep 17th from HootSuite Better question from Visa Inc funded survey is: “how do you feel about illegal, anticompetitive price-fixing?” http://ow.ly/pO3S7:31 AM Sep 17th from HootSuite Not to laugh too loud, but you gotta read this Visa inc. commissioned survey – http://ow.ly/pO287:30 AM Sep 17th from HootSuite SHAME on Visa, MasterCard, credit card companies for misguided effort to shift message from BANK GREED to chain store profiteering.7:00 AM Sep 17th from HootSuite Merchants seek public’s support in fight with credit card issuers http://ow.ly/pMSt6:00 AM Sep 17th from HootSuite Merchants Payments Coalition 2 release study today: European countries, Canada & New Zealand handle interchange fees http://ow.ly/pLZY3:33 AM Sep 17th from HootSuite Retailers Battle Credit Card Fees – http://bit.ly/CwXD23:22 AM Sep 17th from web Improved processing technology and the weak economy should be driving card-acceptance prices down6:54 PM Sep 16th from HootSuite RT @SFBackTalk MasterCard Vs. Visa: Dueling Compliance Philosophies. David Taylor thinks he’s figured ‘em out. http://tinyurl.com/pvb2zc9:35 AM Sep 16th from HootSuite Gold Rises to 18-Month High on Inflation Concern, Weaker Dollar9:25 AM Sep 16th from HootSuite ScanMyPhotos.com lowered rates over the years from $5 to under 5-cents, yet technology isn’t playing role in record credit card fees9:10 AM Sep 16th from HootSuite More credit card merchant interchange fee INCREASES in the works for early fall. NO JUSTIFICATION other than greed, exploiting new laws.7:50 AM Sep 16th from HootSuite Every time you charge your Big Gulp at 7-Eleven, a credit card company swallows part of the profit. http://ow.ly/ifsX6:05 PM Sep 15th from HootSuite Buy a restaurant gift card and ZERO added fees; buy a Visa or MasterCard gift card and $$$ extra.11:40 AM Sep 15th from HootSuite Video: Credit Card Bill of Rights (WUPW) http://ow.ly/kPdC11:00 AM Sep 15th from HootSuite the cost of accepting PIN-debit cards rose 305% between 1996 and 2007 http://ow.ly/k8mq10:05 AM Sep 15th from HootSuite Other than illegal pirce-fixing, technology should have sigtnificantly led to MUCH lower merchant interchange credit card swipe fees8:57 AM Sep 15th from HootSuite American Bankers Assn say merchants get enormous benefit from credit cards; WRONG, HUGE $48+ billion hidden COST8:40 AM Sep 15th from HootSuite Bank of America refunds all debit card overdraft fees AFTER NBC News segment for one person, how about for EVERYONE? http://ow.ly/pnJV7:44 PM Sep 14th from HootSuite looking forward to reading, Priceless: The Case that Brought Down the Visa/MasterCard Bank Cartel by Lloyd Constantine http://ow.ly/peWO11:55 AM Sep 14th from HootSuite Officially called “Credit Card Fair Fee Act,” ought to be called: “Illegal Price-Fixing Swindle Act by Visa, MasterCard and the Banks”10:30 AM Sep 14th from HootSuite Network Rivalry Sparks 10-Year Quadrupling of PIN-Debit Pricing (via Digital Tracations) http://ow.ly/k8mf10:05 AM Sep 14th from HootSuite in 2001, Sonta Sotomeyer ruled on prior class-action in Visa Check, 280 F.3d 124 by merchants challenging Visa and MasterCard fees7:11 AM Sep 14th from HootSuite Attorney Lloyd Constantine of Constantine Cannon has book coming out: “Priceless: The Case that Brought Down the Visa/MasterCard Bank Cartel4:43 AM Sep 14th from HootSuite Electronic Payments Coalition (funded by MasterCard, Visa and credit card issuers) attacking its customers! http://ow.ly/pc3E4:30 PM Sep 13th from HootSuite credit card assn ad SHOULD show receipt listing ADDED credit card interchange fee as extra line item: http://ow.ly/pc3Z4:20 PM Sep 13th from HootSuite When I sued Visa, MasterCard + its member banks for illegal price-fixing of credit card fees back in ‘05, never imaginged power of Twitter9:55 AM Sep 13th from HootSuite RT @timharold: Learning about credit card processing fees this morning, bottom line i’m paying way too much, any ideas?9:33 AM Sep 13th from HootSuite Just returned from three-weeks in Europe. Off again in October to address photo conf in Germany, than New Zealand and Australia6:30 AM Sep 13th from web Seems a last thread of profitability for banks are their monopoly over merchant credit card interchange fees10:40 AM Sep 12th from HootSuite Other than illegal anticompetitive price-fixing, how can Visa, MasterCard, 1000s of member banks justify soaring interchange fees?2:45 PM Sep 11th from HootSuite Competition – what Visa, MasterCard, banks know little about, is why 0 interchange fees will benefit consumers = lower costs10:35 AM Sep 11th from HootSuite Congress must support “Credit Card Fair Fee Act,” especially in a recession. Takes ~$60 bln out of banks unfair rev into consumers pockets10:15 AM Sep 11th from HootSuite Improved processing technology and the weak economy should be driving card-acceptance prices down http://ow.ly/k8lT (Digital Transactions)10:00 AM Sep 11th from HootSuite NBC Nightly News (Aug 16) segment: credit card co’s raising fees, lowering benefits, yet interchange fees record high http://ow.ly/kn4c9:05 AM Sep 11th from HootSuite Consumers Petition for Lower Credit Card Swipe (interchange swipe fees TRIPLED since 2002) http://ow.ly/kXqu8:40 AM Sep 11th from HootSuite Think $38,000,000,000 in bank overdraft fees last year was high? Merchange interchange change credit card fees ~DOUBLE THAT!5:15 PM Sep 10th from HootSuite The Commerce Commission and Mastercard have signed an agreement settling the commission’s claim that the credit card company fixed fees.12:55 PM Sep 10th from HootSuite Circle K: Interchange fees are their 2nd largest cost after payroll. http://ow.ly/kFNy11:15 AM Sep 10th from HootSuite Electronic Payments Coalition (EPC) [funding by banks, Visa, MasterCard] misinformation – http://twit.ac/EK2s.html10:35 AM Sep 10th from HootSuite Officially called “Credit Card Fair Fee Act,” ought to be called: “Illegal Price-Fixing Swindle Act by Visa, MasterCard and the Banks”10:30 AM Sep 10th from HootSuite only justification [for soaring interchange fees} is when you have an anti-competitive business model and you can illegally fix prices10:00 AM Sep 10th from HootSuite Same banks reporting HUGE profits from “overdraft fees” often same ones that rec’d BILLION in U.S. bailout $’s8:30 AM Sep 10th from HootSuite credit card issuers ADVERTISE to FORCE consumers to use plastic vs cash, then disassociate for taking responsibly for the surged in charges8:00 AM Sep 10th from HootSuite Credit Card Follies: Abolish interchange fees altogether (via Kevin Drum, Mother Jones) http://ow.ly/hGsO #180007:25 AM Sep 10th from HootSuite $2 trillion (~1/2 of all credit card lines of credit might be rescinded next year (CNBC, NEW News) http://ow.ly/kn8O4:20 PM Sep 9th from HootSuite Bank of America drops arbitration requirement (via AP) – http://ow.ly/k7KW1:40 PM Sep 9th from HootSuite JUST ONE MORE FOR THE ROAD: “Credit card issuers boost rates ahead of tougher rules” (LA Times) http://ow.ly/kHHR11:50 AM Sep 9th from HootSuite Consumers have to pay additional fees or earn more credit card rewards for perks http://ow.ly/kdeX = WE ARE OVERPAYING INTERCHANGE FEES11:40 AM Sep 9th from HootSuite The new JPMorgan Chase “Chase Sapphire” credit card harms merchants/consumers WE pay the rewards, higher interchange fees10:15 AM Sep 9th from HootSuite More Scheming by Visa and MasterCard. Anatomy of How an Electronic Gift Card “Works:” http://ow.ly/kdWq9:50 AM Sep 9th from HootSuite It’s not a privilege to accept Visa / MasterCard credit / debit cards. It’’s a requirement for online co’s; they wield 80% market power.1:00 PM Sep 8th from HootSuite Question isn’t extraordinary merchant value from credit cards, it’s about antitrust violations – illegal, anticompetitive price-fixing11:15 AM Sep 8th from HootSuite credit card company merchant interchange swipe fees ARE wipings independent businesses off the map in neighborhoods across the U.S.10:30 AM Sep 8th from HootSuite Credit card co’s NOW charging hidden tax on consumers. Overdraft a debit card = PAY BIG BUCKS: http://ow.ly/kJGB10:10 AM Sep 8th from HootSuite Congress must support “Credit Card Fair Fee Act,” especially in a recession. Takes ~$60 bln out of banks unfair rev into consumers pockets9:15 AM Sep 8th from HootSuite Mastercard agrees to let New Zealand banks issuing credit cards set interchange rates, merchants able to apply surcharges to payments8:55 AM Sep 8th from HootSuite get rid of interchange fees AND credit card reward gimmicks, after all consumers end up paying for those “free” rewards7:20 AM Sep 8th from HootSuite Small-Business Owners Lobby to Cut Credit Card Fees (repost via NY Times) #MasterCard #Visa $V $MC #banking #18000 http://ow.ly/hvbi7:15 AM Sep 8th from HootSuite Twitter Finally Profitable: Think of all the billable hours from legal, advocacy firms charging Visa, MasterCard and the banks to read this!7:00 AM Sep 8th from HootSuite SHAME on Visa, MasterCard, credit card companies for misguided effort to shift message from BANK GREED to chain store profiteering.7:00 AM Sep 8th from HootSuite Why Won’t Visa Give U.S. Competition & Transparency Promised to New Zealand on Credit Card Fees? (via @NCASOnline) http://ow.ly/jVvB6:50 AM Sep 8th from HootSuite ScanMyPhotos.com FORCED to accept Visa and MasterCard for our ecommerce business, as are most online companies, they wield 80% market power7:35 AM Sep 7th from HootSuite Lawsuit against MasterCard. Visa over interchange fees NOT ABOUT “extraordinary value to merchants” but ILLEGAL PRICE FIXING8:05 AM Sep 6th from HootSuite 4-party credit card payment systems is broken; interchange fees no longer cost-based, floods banks with $ at expense of consumers10:55 AM Sep 4th from HootSuite The press release FLUFF announcing the $$$ “Chase Sapphire” credit card FAILS to mention HIGHER interchange fee costs – http://ow.ly/kH0A10:20 AM Sep 4th from HootSuite MORE UNFAIR CREDIT CARD FEES: Banks charging $35 for a cup of coffee (via NYT’s editorial 8/20) http://ow.ly/kJBS10:05 AM Sep 4th from HootSuite As Citigroup and Bank of America Post Huge Profits, Why are Bank Fees Going up? (via Anthony Mason CBSNews) http://ow.ly/hzsx7:20 PM Sep 3rd from HootSuite banks, credit card co’s protect key source of profits: credit card swipe fees (HuffPost) http://ow.ly/gVwv5:45 PM Sep 3rd from HootSuite Q: Why should retailers be taking on a ride when affinity reward credit cards R used? A: Consumers ultimately pay = NO FREE REWARDS2:20 PM Sep 3rd from HootSuite Competition – what Visa, MasterCard, banks know little about, is why 0 interchange fees will benefit consumers = lower costs11:35 AM Sep 3rd from HootSuite Stop Unfair Credit Card Fees Tell Your Elected Representatives To Act On Interchange Fees http://ow.ly/iEOn10:45 AM Sep 3rd from HootSuite Interchange fees antiquated as manual credit card imprinters and carbon copy receipts, no longer COST BASED, now GREED BASED10:25 AM Sep 3rd from HootSuite About 90% of ALL overdraft bank fees HIT 10% of poorest Americans: http://ow.ly/kJLl10:20 AM Sep 3rd from HootSuite GREAT TO HEAR: Circle K petition expects to deliver three-quarters of a million signatures protesting card fees.11:10 AM Sep 2nd from HootSuite media spending for credit card ads PLUNGED 50% means LOWER interchange change fees as marketing was part of the cost, so why HIGHER fees?11:05 AM Sep 2nd from HootSuite credit card companies cut ad spending 50% (Brandweek) = less risk and lower mkting costs, yet record interchange fees? http://ow.ly/k8UI8:05 AM Sep 2nd from HootSuite Rulings against Visa and MasterCard in New Zealand are foreshadow of how deeply both credit card associations may fall in U.S.10:00 AM Sep 1st from HootSuite Credit card companies are cancelling cards and reducing benefits even though merchant interchange are paying the costs, incl rewards.4:15 PM Aug 31st from HootSuite Q: Why should retailers be taking on a ride when affinity reward credit cards R used? A: Consumers ultimately pay = NO FREE REWARDS2:20 PM Aug 31st from HootSuite

Priceless: The Case that Brought Down the Visa/MasterCard Bank Cartel

Click here to buy the book.

Excerpt:

In Priceless, author and lead counsel Lloyd Constantine relates the dramatic account of backroom strategizing and courtroom conniving during the high-stakes litigation. Constantine, who led the team representing the plaintiffs, vividly describes how the case pitted retailers against credit card companies, and pries the lid off dodgy debit card practices. The plaintiffs, including Wal-Mart, Sears Roebuck, The Limited, Safeway, and a class of five million stores, pitted their financial futures against Visa and Mastercard in this war between giants.In the vein of breakout bestsellers like A Civil Action and A Confederacy of Fools, this fast-paced narrative, peppered with larger-than-life characters, tears open the case and shows readers how the more than $3-billion-dollar settlement came about. The riveting story features cameos by lawyers, judges, and businessmen, including then University of Arkansas law professor Bill Clinton and New York Attorney General Eliot Spitzer. The triumph is also a David and Goliath tale, in which a small boutique law firm beats four of the largest law firms in the world, including London-based law firm Clifford Chance

More Interchange Rate Increases

As reported earlier, beginning next week, rates charged by Visa and MasterCard and its member banks will again change.  [ScanMYPhotos.com] received out letter of rate changes two weeks ago. 

Two times each year, we receive the same formatted letter and confusing pricing matrixes that explain rates for accepting credit and debit cards are again changing.  This time, it comes as U.S. Senator Chris Dodd proposes a significant change to these unfair fees.  Any rate reduction must be met with recognizing the years of illegal profiteering from price-fixing by MasterCard, Visa and its member banks and issue refund for those overcharges -amount is in the hundreds of billions.

Dodd Will Push To Control Bank Fees For Merchants

From The Hartford Courant (8/24). Click here to read more.

Excerpt:

U.S. Sen. Christopher Dodd is coming out swinging again at banking fees, saying he will push for more changes in credit card fees — this time those paid by merchants — even as he seeks to limit bank income from overdraft charges.

Dodd said Wednesday that he will propose legislation to “substantially modify” the fees that merchants pay so they can accept major credit cards and have those transactions processed through banks. Dodd, architect of credit card reform signed into law in May, previously indicated that he next intended to take aim at “interchange” or “swipe” fees.

“Every state you go to, you hear it from retailers,” Dodd said. “The fees are excessive.”

The Mirror Image: Health Insurance and Credit Card Companies

While health insurance executives are earning as much as a hundred thousand dollars EVERY hour, watch this humorous video to show the extreme parallels between health insurance and credit card company windfalls.

Protect Insurance Companies PSA from Will Ferrell

Banks Revise Overdraft Fees, Why Not Interchange Fees Too?

Ron Lieber wrote in The New York Times that JPMorgan Chase and Bank of America have overhauled their debit card overdraft fees.

Read article (9/23).

This has been a multi-billion dollar annual boondoggle for the banks at the expense of millions of consumers.  The larger question is why haven’t the banks also addressed merchant interchange fees – which account for substantially more unfair costs to businesses and consumers? 

It was the public outcry, an NBC Nightly News segment and extensive media coverage on debit card overdraft fees that helped cause this very rapid shift in policy.  It is also being used as a marketing tool, as the credit card issuers can now promote they have waived and adjusted the terms of these overdraft fees to better compete.  However, there is no competition when it comes to merchant interchange fees; retailers are still forced to accept Visa and MasterCard’s terms.  Issuing banks can simply pass along any lost overdraft fees with higher merchant interchange fees, which simply means that ultimately the consumer still gets screwed.

My five-year legal battle as class-representative in an antitrust class-action against Visa, MasterCard and its member banks continues to reap unsubstantiated profits for the credit card companies with even greater costs. 

Merchant interchange fees are an insult that is an atrocity and slap in the face of every consumer and merchant that accepts debit and credit cards.   Along with the banks, which until Visa and MasterCard’s IPO’s controlled one-hundred percent of the two giant credit card associations, are continuing to wage a battle against its customers. If only they listened to their critics addressing these equally excessive charges.

What Is “Interchange” [video: Electronic Payments Coalition]

You just have to watch this how-to video. The key facts about illegal antitrust price-fixing are omitted, as are the reasons why merchant interchange fees in the U.S. are upwards of six-times what other industrialized nations pay. Remember, this video and the organization promoting it is funded by the banks and Visa and MasterCard. 

The problem is that few understand what these fees are; it is a hidden tax on consumers – amounting to upwards of $48 billion in anticompetitive charges each year. As proof, since this video was posted, only about 450 people viewed it, which my guess was largely from those who produced it.

Give the $125 Billion Back to Consumers

How to INSTANTLY save $125,000,000,000 ($125 billion) – take control of credit card interchange “swipe” fees.

NACS Study: US Pays More for Interchange “Swipe” Fees

A new study by the Merchants Payments Coalition finds that Americans pay a much higher percentage for interchange charges than the rest of the industrialized world.

WASHINGTON, DC – A new study by the Merchants Payments Coalition (MPC) found that if U.S. consumers paid the same low credit and debit card swipe fees as consumers in Australia pay, then the net benefit would have totaled $125 billion over the last four years.

Interchange fees, or “swipe fees,” cost Americans an average of $2 on every $100 they spend with credit cards — a higher percentage than anywhere else in the industrialized world. Why? Because other countries and their governments have been able to negotiate with the big banks and credit card companies for fair rates and transparency, the MPC notes. NACS is one of the founding members of the MPC.

But, in the United States merchants and their customers are still forced to pay sky-high interchange fees.

Interchange fees started out in the 1960s as a way for banks to cover the cost of processing credit card transactions. But even as technology has dropped that cost dramatically, the banks and credit card companies have pushed swipe fees higher and higher, turning it into a cash cow. For many businesses, credit card fees are now their single-highest non-labor operating cost.

With almost any other equipment, supplier or service, retailers can comparison-shop, negotiate or otherwise influence its final cost of doing business. Store owners can conserve on energy usage and seek out the most competitive prices for merchandise, just to cite a few examples.

Not so with credit card interchange fees. Visa and MasterCard control more than 80 percent of the marketplace. They set the fees in secret, give businesses no ability to negotiate and virtually insist they be buried in the price of merchandise. Unfortunately, the card companies’ hidden fees get passed on to all consumers in the form of higher prices and lower value for nearly everything they buy.

“It’s bad enough that the credit card companies force these hidden fees on us and our customers when we can least afford it,” noted NACS Vice Chairman of Government Relations Tom Robinson, president of Robinson Oil Corporation. “But when we are paying more than anywhere else in the world, and other countries have taken action to protect their citizens from abuse, it is inconceivable that our government would turn a blind eye to the issue. It is time for Congress to step up and defend the principles of the free-market economy by taking action on (interchange) fees.”

Though Congress and the White House have addressed other credit card reforms, the MPC is arguing that any fix will be incomplete without addressing interchange fees. Consider:

Banks raked in an estimated $48 billion in interchange fees in 2008 – an average of $427 per American household in just one year.

• This $48 billion total is more than triple the amount collected as recently as in 2001.
• Hidden interchange fees cost Americans more than all credit card annual fees, cash advance fees, over-the-limit fees, and late fees combined.
• U.S. interchange fees are the highest in the developed world. The U.S. pays approximately 60 percent of interchange fees globally – about double the U.S. percentage share of global GDP.

Compared to the rest of the world, U.S. interchange fees are more than two times the rates in the U.K. and New Zealand, four times the rates in Australia and more than six times the cross-border rates recently agreed upon by MasterCard and the European Union.

Meanwhile, the payments industry has back with its own “study.”

In a September 17 press release, Visa announced the findings of a new study that shows that “consumers believe retailers benefit far more from accepting credit and debit cards than they pay in costs.

The press release noted that consumers believe merchants see card cost acceptance as a part of doing business, much like paying for utilities such as electricity.

“Retailers and their well-funded trade associations have filed lawsuits and are aggressively lobbying Congress to allow them to shift their business costs to consumers by allowing merchants to charge checkout fees whenever consumers use credit or debit cards. At the same time, national convenience store chains have launched misleading, in-store petition campaigns to cover for their checkout fee efforts, noted Visa’s press release.

“The response is loud and clear: consumers aren’t buying the message convenience store chains and big retailers are selling,” said Bill Sheedy, group president of the Americas for Visa Inc., in the release. “This research demonstrates that consumers are well aware that legislation is a Trojan horse that likely will lead to higher prices for cardholders while retailers pocket the savings.”

[/source]

“Swipe Fee” Reform – International Lessons (via UnFairCreditCardFees.com)

Click here to read the recent report profiling interchange merchant interchange fees rates.  U.S. credit card interchange fees ~2X rates in UK, New Zealand.  ~4X rates in Australia. ~6X cross border MasterCard rates in the EU

Excerpt:

 

 

 

 

[Source: UnfairCreditCardFees.com, Merchants Payments Coalition]

“Not only do other nations provide lower interchange rates, but we can also learn from other countries’ experiences with interchange reform. Major countries around the world have addressed interchange reform, with some already demonstrating beneficial results for their economies. In particular, lessons learned from experiences in Australia, New Zealand, Canada, and the European Union, provide instructive examples about why interchange reform makes economic sense in the U.S. – especially now.”

 

Bank of America Debit Card Fees (NBC)

Click here to view NBC Nightly News (9/14) segment on debit card fees.  Scooping up huge fees from debit cards. After the segment aired, the bank refunded those overdraft fees for the  person profiled. How about refunding all fees for everyone?  Overdraft fees are a cash cow for many banks, generated about $27 billion in fees this year.

Consumers Petition for Lower Credit Card Swipe

Video: Credit Card Bill of Rights WUPW

Credit Card Companies Raise Fees (NBC)

Remember Visa, MasterCard, credit card issuers THREAT: if interchange fees lowered = less benefits, more annual charges.THEY’RE DOING IT NOW

Watch this NBC Nightly News segment (Aug 16). Click here.

Recent Tweets From WayTooHigh

Follow WayTooHigh.com on Twitter

WayTooHigh: Visa and MasterCard operate like price-fixing cartels and violate federal antitrust laws.

 

WayTooHigh: Q: Why should retailers be taking on a ride when affinity reward credit cards R used? A: Consumers ultimately pay = NO FREE REWARDS

 

WayTooHigh: Visa, MasterCard make bulk of their money from charging fees to financial institutions that issue the cards http://ow.ly/io8j

 

WayTooHigh: Bank of America Says Three Directors Quit as Exodus Totals 10 http://ow.ly/iM7h

 

WayTooHigh: All About the Visa and MasterCard Promotional Gift Card Scheme (repost) http://ow.ly/kdY6

 

WayTooHigh: Q: How can banks (MasterCard / Visa) site “competitive pressures” regarding need for soaring credit card rates? They own the Monopoly board!

 

WayTooHigh: You know it’s a good day for consumers and retailers when Visa publicly expresses extreme disappointment: http://ow.ly/kdXF

 

WayTooHigh: Q: Why hasn’t MasterCard, Visa, Chase, CitiGroup, BofA, etc… not been shut down for collusion and credit card price-gouging. A: Dunno

 

WayTooHigh: More Scheming by Visa and MasterCard. Anatomy of How an Electronic Gift Card “Works:” http://ow.ly/kdWc (new post)

 

WayTooHigh: MAJOR SCAM: Visa, MasterCard gift cards issued rather than checks. They keep micro-payments remaining, because you can’t exceed your balance

 

WayTooHigh: @nancytrejos- As credit card companies lower reward benefits merchants interchange fees should be too, WE (consumers) pay those rewards

 

WayTooHigh: Looking forward to watching NBC’s Meet the Press on Sunday – my hero, Rachel Maddow takes on someone I can’t stand, Dick Armey

 

• 
  WayTooHigh: Rob Reeg. pres Global Technology & Operations for MasterCard Worldwide, frightens consumers http://ow.ly/izsH with misinformation

• 
  WayTooHigh: credit card companies cut ad spending 50% (Brandweek) = less risk and lower mkting costs, yet record interchange fees? http://ow.ly/k8UC

• 
  WayTooHigh: Why should retailers be taken on a ride when affinity reward credit cards are used? Consumers ultimately pay = NO FREE REWARDS
• 
  WayTooHigh: media spending for credit card ads PLUNGED 50% means LOWER interchange change fees as marketing was part of the cost, so why HIGHER fees?
• 
  WayTooHigh: As recession-weary consumers are swearing off their credit cards, credit card brands are swearing off advertising http://ow.ly/k8Ua

   

• 
  WayTooHigh: Network Rivalry Sparks 10-Year Quadrupling of PIN-Debit Pricing (via Digital Transactions) http://ow.ly/k8mc
• 
  WayTooHigh: only justification [for soaring interchange fees} is when you have an anti-competitive business model and you can illegally fix prices
   
• 
  WayTooHigh: Improved processing technology and the weak economy should be driving card-acceptance prices down http://ow.ly/k8lP (Digital Transactions)
   
• 
  WayTooHigh: RT @Denrael: @WayTooHigh there is competition but challenge is getting wallet space [Not really, MasterCard and Visa wield 80% Market Power]
   

• 
  WayTooHigh: Bank of America drops arbitration requirement (via AP) – http://ow.ly/k7KK (new post)
• 
  WayTooHigh: When I sued Visa, MasterCard + its member backs for illegal price-fixing of credit card fees back in ‘05, never imagined power of Twitter

• 
  WayTooHigh: Bank of America Says Three Directors Quit as Exodus Totals 10 http://ow.ly/iM7e
• 
  WayTooHigh: Stop Unfair Credit Card Fees Tell Your Elected Representatives To Act On Interchange Fees http://ow.ly/iEOe
• 
  WayTooHigh: FIGHT CREDIT CARD FEES: Write Congress – Share this link with fellow merchants http://ow.ly/iENK
• 
  WayTooHigh: Circle K Circulates Petition Chain placing petition protesting credit-card fees in its convenience stores http://ow.ly/iEN1
• 
  WayTooHigh: More consumers using debit cards (50.4%) over all noncash sales (AP), but ScanMyPhotos.com and many merchants process it at higher CC rates
• 
  WayTooHigh: New to ScanMyPhotos.com: For updates on our antitrust lawsuit against Visa, MasterCard, major banks See: http://ow.ly/k4Wj
• 
  WayTooHigh: Had media interview w/ biz pub. Explained credit card companies get away with high rates because they = monopoly, fix-prices, NO competition
• 
  WayTooHigh: RT @7ElevenCedarPk: NYTimes article on 7-Eleven and the petition for unfair credit card fees. http://bit.ly/5fgCx
• 
  WayTooHigh: The fees – known as credit-card interchange fees, or swipe fees – are unfair to us and deceptive to the donors. http://ow.ly/jwd8
• 
  WayTooHigh: Congress must support “Credit Card Fair Fee Act,” especially in a recession. Takes ~$60 bln out of banks unfair rev into consumers pockets
• 
  WayTooHigh: Maria Aspan (American Banker) says Citigroup will charge annual free for some credit cards. even as Interchange fees at record high
• 
  WayTooHigh: credit card company merchant interchange swipe fees ARE wiping independent businesses off the map in neighborhoods across the U.S.

   

• 
  WayTooHigh: TARP Recipients Fighting To Keep Charging Exorbitant Credit Card Fees (via Huffington Post) http://ow.ly/gVvH
• 
  WayTooHigh: Obama administration planning broad reworking of fees financial firms pay for their federal regulation, (WashPost) http://ow.ly/k0aJ
• 
  WayTooHigh: Visa and MasterCard issuers collectively set credit card interchange fees in secret. These fees can’t be negotiated

• 
  WayTooHigh: A central bank study in March recommended changes to Brazil’s credit-card market to make it more efficient http://ow.ly/jjm1
• 
  WayTooHigh: U.S. retailers and consumers refuse to be treated worse than New Zealand, Canada, Australia and other countries. http://ow.ly/jVvR
• 
  WayTooHigh: 4-party credit card payment systems is broken; interchange fees no longer cost-based, floods banks with $ at expense of consumers
• 
  WayTooHigh: Competition – what Visa, MasterCard, banks know little about, is why 0 interchange fees will benefit consumers = lower costs
• 
  WayTooHigh: Did you know that when you make a non-profit charitable donation, Visa, MasterCard and credit card issuers MAKE $$$ off the top.
• 
  WayTooHigh: Tulips, Silver, Housing Market and Oil Speculators Have Nothing on MasterCard and Visa {July, 08, WTH) http://ow.ly/g1aY #18000
• 
  WayTooHigh: Commerce Commission And Visa Reach Agreement To Settle Credit Card Interchange Fee Proceedings http://ow.ly/jLmK
• 
  WayTooHigh: Why Won’t Visa Give U.S. Competition & Transparency Promised to New Zealand on Credit Card Fees? (via @NCASOnline) http://ow.ly/jVvd
• 
  WayTooHigh: Retailers are asking the public to help them eliminate a credit card interchange fee that often gets passed on to users http://ow.ly/jVuD
• 
  WayTooHigh: How Credit Card Companies Are Changing the Fine Print (via Mary Palon, WSJ) http://ow.ly/jVsw
• 
  WayTooHigh: Banks are like health care industry, LOADS of misinformation on credit card interchange fees. Credibility at zero.
• 
  WayTooHigh: Many non-profit charities HURT by MasterCard and Visa credit card fees. Forced to pay upwards of 5% interchange fee for few manual charges

   

• 
  WayTooHigh: Credit Score Shell Game: As High Scores Vanish, Borrowers’ Luck Runs Out (via Nancy Trejos Washington Post) http://ow.ly/ftrP #18000
• 
  WayTooHigh: Businesses incurs a fee anytime a customer swipes a card. http://ow.ly/j0eY

  

• WayTooHigh: Credit Card Issuers’ trick: Ads showing “fun” ways to design photos on credit card = distraction, should be URGING you to READ terms #18000
• 
  WayTooHigh: Three bills have been introduced in the 111th Congress that address the issue of interchange fees http://ow.ly/jNRA

   

• 
  WayTooHigh: It’s Visa and MasterCard that should thank consumers every time they use a debit / credit card at stores: http://ow.ly/iftW
• 
  WayTooHigh: From MasterCard Inc. Q2 Earnings Call, NO explanation about price-fixing and intl interchange fees that are 1/3 that in U.S.
• 
  WayTooHigh: NZ Commerce Commission settled out of court w Visa in deal that will change fees charged on all retail transactions in NZ http://ow.ly/jLA1
• 
  WayTooHigh: Commerce Commission And Visa Reach Agreement To Settle Credit Card Interchange Fee Proceedings http://ow.ly/jLmA
• 
  WayTooHigh: Our economy lost trillions POST Bush’s $300 p/ person stimulus program. But, Republicans silent on anything but attacking current plan.
• 
  WayTooHigh: SHAME on Visa, MasterCard, credit card companies for misguided effort to shift message from BANK GREED to chain store profiteering.
• 
  WayTooHigh: Congress must support “Credit Card Fair Fee Act,” especially in a recession. Takes ~$60 bln out of banks unfair rev into consumers pockets
• 
  WayTooHigh: Visa, MasterCard look abroad for growth (via Reuters) [Even thought U.S. interchange fees ~3x more than abroad?] http://ow.ly/jIw9
   
• 
  WayTooHigh: Stop Unfair Credit Card Fees Tell Your Elected Representatives To Act On Interchange Fees http://ow.ly/iEOa
   
• 
  WayTooHigh: When anticompetitive and illegal interchange fee price fixing ends, family-owned restaurants, dry cleaners, etc. will be SAVED

More Scheming by Visa and MasterCard

About three months ago, I bought new tires and was pleased to learn that it included a $50 rebate. But, the hoops to redeem that incentive were challenging.

Here is what happened:

Rather than receive a $50 check (which would have no interchange fee), a Visa-branded credit card was mailed and JUST received.  The credit card issuers have created a giant windfall scheme for themselves at the expense of consumers.

The rules for redeeming the card is extensive and means that if there is a micro-balance, they keep it. I did a previous posting on this situation.

Premier Shopping Mall Agrees with WayTooHigh.com

All About the Visa and MasterCard Promotional Gift Card Scheme

 

To access the funds on the electronic payment card you MUST present the card to the service station attendant inside when you fill up. Don’t try to insert it into the gas station pumps’ electronic card reader. It won’t work.  Another rule is: “Please note. Ask the attendant to swipe the card after you have filled up to assure the success of your transaction.” Yeah, right!  Try doing that, as clerks must swipe the card to reserve payment up front.

For regular checkouts, “you must always select ‘Credit’ when making purchases. You are authorized to make purchases that do not exceed your available balance.” This is a pure SCAM. Who makes an exact $50 purchase?  Try using the “gift” card at a restaurant. Imagine being on a date, presenting the card and having the server explain that you can’t! Either way, the merchant is charged the much higher credit card interchange fee, rather than the debit card flat rate.  If it was a check that we deposited into our bank account, there would be no fees and we easily would have the entire gift valued, rather than these games which reduces the value.

My guess is many consumers get frustrated and use part of the balance and dispose or file away the card and thus the issuer gets to keep the balance.  What happens to the company that tendered the rebate “gift card?  Did they pay full price to the card issuer, or a discount?  I can only imagine the amount never redeemed.

Another scheme and pure profit center for the credit card issuers.

Network Rivalry Sparks 10-Year Quadrupling of PIN-Debit Pricing (Digital Transactions)

Excerpt:

Improved processing technology and the weak economy should be driving card-acceptance prices down, according to Mitch Goldstone, president and chief executive of ScanMyPhotos.com in Irvine, Calif. “The only justification is when you have an anti-competitive business model and you can illegally fix prices,” says Goldstone, the lead plaintiff in a pending class-action lawsuit against bank card interchange. “That’s what it’s all about.”

 

Click here to read entire Digital Transactions article. (Aug 14, 2009)

Losing Money Every Time a Credit Card is Used

Read this credit card Interchange updated by Jan Norman, Orange County Register (July 30, 2009)

Excerpt:

The store owners lose money because a growing number of customers use credit cards for small purchases, he says.

The issue has been around for years. 30 Minute Photos Etc. in Irvine was a named plaintiff in a 2005 class action lawsuit against the interchange fees.

“Interchange fees are just a way that credit card companies squeeze merchants to enhance their revenue stream,” according to Mitch Goldstone, partner in 30 Minute Photos and ScanMyPhotos.com.

Merchants Fight MasterCard and Visa Card Fees

Watch this ABC WCBV-TV News segment on merchant interchange fees and the escalating battle against credit card company fees.

NewsCenter 5’s David Brown reported that they are unregulated credit cards fees charged to store owners for every credit and debit card transaction. It’s a hidden fee that is eventually passed on to the consumer.

Merchants take a swipe at card fees (via American Public Media)

Listen to this radio segment on Marketplace Morning Report.  Every time you charge your Big Gulp at 7-Eleven, a credit card company swallows part of the profit. But Slurpee slingers have had enough of the merchant fees. Stacey Vanek-Smith reports.

New York Times Submitted “Letter to the Editor”

In response to Andrew Martin’s July 16th “Card Fees Pit Retailers Against Banks” New York Times article, I submitted this response:

Dear Editor,

I appreciated your thorough article, ‘Card Fees Pit Retailers Against Banks,’ New York Times, July 16, 2009, describing the serious problem of exorbitant and ever-increasing interchange fees incurred by merchants in the United States. 

It is ironic that in a day and age when many businesses face possible extinction due to rapid advancement in technology that card payment systems like Visa and MasterCard continue to thrive and grow using magnetic strips embedded in plastic cards, which is a device closer to the bygone era of carbon copies than to advance technology. 

All merchants should applaud the populist pressure and Congressional efforts to confront this hidden tax on the economy represented by interchange fees.  It is important to note, however, that the problem is even greater for Internet-based merchants who have no choice but to accept payment cards and are captives to this system developed by the banks. 

Perhaps this is the reason that banks impose even higher interchange fees on internet merchants, who also often receive no payment guarantee.  That is why we, along with many other traditional merchants, both large and small, are leading efforts in the In re Payment Card Interchange Fee antitrust lawsuit in the Eastern District of New York to eliminate interchange fees and other abusive rules imposed on merchants. 

Hopefully, through our efforts, combined with those of other merchants, their customers and Congress, we can succeed in eliminating this abuse of market position by the banks and their card companies.

Sincerely,

Mitch Goldstone
President/CEO ScanMyPhotos.com

 Mr. Goldstone edits WayTooHigh.com, The Credit Card Interchange Report covering news and commentary on his battle against Visa and MasterCard

 Additional comments are posted on the NYT’s community forum website.

Banks Hike Up Their Fees (via CBS Evening News)

Watch CBS Videos Online
With mortgage defaults and unemployment still on the rise, big banks are still taking a beating on bad consumer loans. To offset those losses, banks are hiking up their fees. Anthony Mason reports.

Visa puts another $700 million in litigation fund

Via CNBC: Visa Inc., the world’s largest credit and debit card processor, said it has deposited $700 million into an account earmarked for litigation costs, a move that essentially acts as the repurchase of class B shares. Read more…

Recent Tweets

Collection of recent Tweets from @WayTooHigh. Follow us on Twitter

 

WayTooHigh: J.P. Morgan Chase reports 36% profit rise in second quarter

1 minute ago from HootSuite · Reply · View Tweet

 

WayTooHigh: RT @SandraHop: Retailers Prepare to Fight Credit Card Fees http://bit.ly/DL75z (expand)

about 9 hours ago from HootSuite · Reply · View Tweet

 

WayTooHigh: Visa: You Owe $23 Quadrillion (via NPR) http://ow.ly/horj

about 10 hours ago from HootSuite · Reply · View Tweet

 

WayTooHigh: RT @Fcheese3: Retailers Prepare to Fight Credit Card Fees.. http://digg.com/d1wwhb

about 10 hours ago from HootSuite · Reply · View Tweet

 

WayTooHigh: credit card issuers ADVERTISE to FORCE consumers to use plastic vs cash, then disassociate for taking responsibly for the surged in charges

about 10 hours ago from HootSuite · Reply · View Tweet

 

WayTooHigh: Andrew Martin’s NY Times interchange article DOESN’T mention ZERO interchange fees in some nations, 4 writing checks, PINbased ATM in Canada

about 10 hours ago from HootSuite · Reply · View Tweet

 

WayTooHigh: NYT article suggests MasterCard, Visa and CC issuers are fronting the rewards, MERCHANTs are paying extra for this perk http://ow.ly/hopH

about 10 hours ago from HootSuite · Reply · View Tweet

 

WayTooHigh: NYTimes article doesn’t explain why intl interchange fees are a 1/3rd and less than in U.S. [answer GREED] http://ow.ly/hopn

about 10 hours ago from HootSuite · Reply · View Tweet

 

WayTooHigh: Andrew Martin at the New York Times has an article ["Retailers Prepare to Fight Credit Card Fees"] on interchange fees – http://ow.ly/hooY

about 10 hours ago from HootSuite · Reply · View Tweet

 

WayTooHigh: Treasury Department officials believe they will lose their entire $2.3 billion investment in CIT. (WSJ) #18000

about 12 hours ago from HootSuite · Reply · View Tweet

 

WayTooHigh: Sam Stein at the Huffington Post contributed reporting to this article on credit card interchange “swipe” fees – http://ow.ly/gVx4

about 12 hours ago from HootSuite · Reply · View Tweet

 

WayTooHigh: Noticing term “credit card interchange fee,” being described as “swipe fee.” Smart double meaning: swipe card and $ from consumers

about 12 hours ago from HootSuite · Reply · View Tweet

 

WayTooHigh: Not good news for small business financing and the economy: CIT says discussions with government have ceased, with no likelihood of support

about 13 hours ago from HootSuite · Reply · View Tweet

 

WayTooHigh: In ‘08, U.S. paid over $48 billion in interchange fees, more than 2X what was paid in credit card late fees and 3x ATM fees

about 15 hours ago from HootSuite · Reply · View Tweet

 

WayTooHigh: The credit card interchange fee is the biggest credit card fee you’ve NEVER heard of, avg U.S. household paid $427 in SWIPE fees last yr

about 18 hours ago from HootSuite · Reply · View Tweet

WayTooHigh: Re merchant lawsuit, Visa has about $10bln in trust from banks to cover litigation costs http://ow.ly/gi2y (via Fortune) #18000

about 19 hours ago from HootSuite · Reply · View Tweet

 

WayTooHigh: Bank of America accused of anti-consumer practices (via Jonathan Stempel – Reuters) http://ow.ly/gbUY #18000

about 19 hours ago from HootSuite · Reply · View Tweet

 

WayTooHigh: scathing report about the state of credit card fees on businesses delivered http://ow.ly/gs64 #18000

about 21 hours ago from HootSuite · Reply · View Tweet

 

WayTooHigh: Way to go MasterCard! Charge customers up to ~30% merchants up to ~5%, yet you get 16% discount on legal settlement http://ow.ly/gs5k #18000

about 21 hours ago from HootSuite · Reply · View Tweet

 

WayTooHigh: @BankTechNews – Maria Aspan at Bank Technology News has profile on credit card interchange battle: http://ow.ly/gXHU

about 23 hours ago from HootSuite · Reply · View Tweet

 

WayTooHigh: I was asked by someone today to sum up the credit card interchange antitrust litigation. Very simple, it’s about illegal price fixing

1 day ago from HootSuite · Reply · View Tweet

 

WayTooHigh: United Airlines (UAL) passing credit card fees to some travel agents, http://ow.ly/hi9c

1 day ago from HootSuite · Reply · View Tweet

  

WayTooHigh: It takes unbridled greed by Visa, MasterCard and the credit card issuers cartel to continue raising “SWIPE” interchange fees in a recession

1 day ago from HootSuite · Reply · View Tweet

 

WayTooHigh: Michael Moore’s new film about global corporate economic meltdown (“biggest robbery in the history of this country”) http://ow.ly/fR8n

1 day ago from HootSuite · Reply · View Tweet

WayTooHigh: Mitch Goldstone reboardcast, KFI-AM interview re MasterCard, Visa credit card fees, gas prices (7/03/08, starts 4-min in) http://ow.ly/dyRR

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WayTooHigh: MASTERCARD says credit card interchange fees not, now, hidden, Can you figure out what each cost was? (115 pages) http://ow.ly/d6xa #18000

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WayTooHigh: RT @consumerist: 7-Eleven Asks Consumers To Help Fight Credit Card Companies [Interchange Fees] http://tinyurl.com/mhup5e (expand)

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WayTooHigh: scathing report about the state of credit card fees on businesses delivered http://ow.ly/d6nO #18000

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WayTooHigh: Did MasterCard, Visa credit card interchange fees put Starbucks on brink? Pushing people to use credit cards, pay micro-fees on sm chgs.

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WayTooHigh: Credit Score Shell Game: As High Scores Vanish, Borrowers’ Luck Runs Out (via Nancy Trejos Washington Post) http://ow.ly/ftsd #18000

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WayTooHigh: Case why credit card interchange fees should be FREE, follow our 1200+ prior postings since 2005 at http://www.WayTooHigh.com

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WayTooHigh: consumer anger about bank fees is adding momentum to the long-running merchant campaign against interchange http://ow.ly/gXGb

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WayTooHigh: ScanMyPhotos.com FORCED to accept Visa and MasterCard for our ecommerce business, as are most online companies, they wield 80% market power

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WayTooHigh: Later this month stay tuned for more profiles on ScanMyPhotos.com & we’ll be sure to mention our battle against Visa, MasterCard fees #18000

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WayTooHigh: technology has brought our cost to scan a photo from $5 to 5-cents, yet MasterCard and Visa keep raising their unjustfied interchange rates

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WayTooHigh: TARP Recipients Fighting To Keep Charging Exorbitant Credit Card Fees (via Huffington Post) http://ow.ly/gVvw

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WayTooHigh: million-signature petition campaign calling on Congress to reform unfair and excessive credit card transaction fees. http://ow.ly/gZRv

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WayTooHigh: Happy to see 7-Eleven® convenience store chain petition campaign against MasterCard and Visa credit card charges http://ow.ly/gZNi

 

WayTooHigh: Credit card rewards to become less rewarding (via Juan Lagorio, Reuters) http://ow.ly/gidv #18000

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WayTooHigh: Do something good today: Make someone laugh

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WayTooHigh: Sam Stein at the Huffington Post contributed reporting to this article on credit card interchange “swipe” fees – http://ow.ly/gVx2

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WayTooHigh: Controversies over credit card interchange fees (via Kimberly Schiller) http://ow.ly/h55u

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WayTooHigh: banks, credit card co’s protect key source of profits: credit card swipe fees (HuffPost) http://ow.ly/gVwc

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WayTooHigh: Disappinted. My local U.S. Congressman wrote op-ed in OC Register against health care (we cover 100%), yet Congress gets full coverage!

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WayTooHigh: RT @consumerist: 7-Eleven Asks Consumers To Help Fight Credit Card Companies [Interchange Fees] http://tinyurl.com/mhup5e (expand)

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WayTooHigh: When I sued Visa, MasterCard + its member backs for illegal price-fixing of credit card fees back in ‘05, never imaginged power of Twitter

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WayTooHigh: RT @moneymender: 984 million bank-issued Visa & MasterCard credit & debit card accounts in the U.S in 2006. (Sources: Visa MC)

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7-Eleven®Launches Unprecedented Million-Signature Petition Campaign to Stop Unfair Credit Card Transaction Fees

6,300 Stores Participating across USA

Dallas (July 8, 2009) – In communities across America, 7-Eleven store owners and operators are undertaking an unprecedented, million-signature petition campaign calling on Congress to reform unfair and excessive credit card transaction fees.

Some 6,300 7-Eleven® franchisees, licensees and store operators in the U.S. are working to change the way credit card companies’ do business with retailers across the country and are taking their beef to the street – or in this case to their counters and customers.

Interchange fees are hidden fees to the consumer and are set privately by credit card companies and charged to store owners every time that a customer uses a credit card. Transaction fees squeezed American businesses and their customers to the tune of $48 billion in 2008 alone. On average, an American store owner will actually pay nearly twice as much in transaction fees as they earn in profits, according to the National Association of Convenience Stores 2007 State of the Industry data.

“7-Eleven stores are operated by franchisees who represent more than 6,000 small businesses on Main Streets and in neighborhoods across America,” said Darren Rebelez, 7-Eleven, Inc. executive vice president and chief operating officer. “This petition drive is a grassroots effort to get a fair deal, spearheaded by small business owners in the communities where they live and with the customers they serve every day.

“Interchange fees are hurting individual small business operators, which represent more than 75 percent of 7-Eleven stores in the U.S.,” Rebelez said. “Because more and more customers are using credit cards for small purchases, there are small transactions where the operator actually loses money. The fundamental challenge is that in most business relationships, both parties have the ability to negotiate, and in this case we do not. ”

The petition drive takes place at all of 7-Eleven’s U.S. stores, and a copy of the petition will be prominently offered for signatures at every check-out counter. At the end of the petition drive, 7-Eleven expects to deliver one million signatures to Congress, calling on them to stop credit companies from charging unfair, hidden transaction fees and to pass legislation empowering retailers to negotiate with credit card companies.

“We’re not asking for a bailout, we simply want to negotiate in good faith with credit card companies in the same manner we negotiate with thousands of our other business partners,” Rebelez said.

American consumers pay among the highest transaction fees in the industrialized world. An average of $2 out of every $100 Americans spend goes to transaction fees, and for many businesses, transaction fees are now their highest non-labor cost, growing even faster than health care costs. As other countries have reined in excessive transaction fees in recent years, and the actual cost of processing credit card transactions has gone down, Americans are now paying triple the amount in transaction fees they paid in 2001, reaching $48 billion last year alone.

Rebelez added, “In the convenience industry, credit card companies come out the winner making more than twice the profits of the industry in total. To date, we have been unable to convince these companies to come to the table to negotiate fair fees. In order to survive and stay in business, our franchisees and licensees plan to make a significant, collective statement with this petition drive. With this unprecedented effort, Congress will hear the message of 7-Eleven’s small business owners and our customers across the country loud and clear,” he said.

The 7-Eleven petition drive will continue through Aug. 10. At the conclusion of the campaign, the top signature-gatherers from each of 7-Eleven’s seven U.S. geographical divisions will be flown to Washington to personally deliver the signatures to Congress.

About 7 Eleven, Inc.
7 Eleven, Inc. is the premier name and largest chain in the convenience retailing industry. Based in Dallas, Texas, 7-Eleven operates, franchises or licenses approximately 7,800 7-Eleven® stores in North sales of more than $53.7 billion. For 15 consecutive years 7-Eleven has been listed among Hispanic Magazine’s Hispanic Corporate Top 100 Companies that provide the most opportunities to Hispanics. 7-Eleven is franchising its stores in the U.S., and is expanding through organic growth, acquisitions, and its Business Conversion Program. Find out more online at www.7-Eleven.com.

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WayTooHigh is on Twitter.  Click here to follow. Due to the rapid updates in our battle against Visa and MasterCard and its member banks, we are replying on Twitter for more instant updates and posts.

Fed Reserve: “Interchange Fees and Payment Card Networks: Economics, Industry Developments, and Policy Issues

Finance and Economics Discussion Series

Divisions of Research; Statistics and Monetary Affairs

Federal Reserve Board, Washington, D.C. Interchange Fees and Payment Card Networks: Economics, Industry Developments, and Policy Issues

Robin A. Prager, Mark D. Manuszak, Elizabeth K. Kiser, and Ron Borzekowski

Click here to view

Overview:

In many countries around the world, electronic card-based payments have been replacing older types of payments at a rapid rate. In the United States, use of both debit cards and credit cards has been rising rapidly, while check volumes have been declining.

The increased use of electronic payment methods has generated a number of public policy debates. One prominent debate concerns interchange fees. This paper is intended to provide background for understanding the interchange fee debate. The paper describes the operation of a typical payment card system, presents a summary of the economic theory underlying interchange fees, and discusses various developments in the U.S. payment cards industry, as well as legal and regulatory developments abroad.

The paper concludes with a discussion and critical evaluation of a number of potential policy interventions.

Interchange fees typically involve a payment from a merchant’s bank to a card user’s bank for each debit card or credit card transaction, are determined at the network level, and are the same for all banks participating in a network. These fees are generally passed through to merchants by their banks and comprise a large fraction of the fees that merchants pay to their banks for processing card transactions. Card-issuing banks often use a portion of their interchange fee revenue to encourage card use by offering their cardholders rewards, such as cash rebates or airline miles, that increase with card use. In recent years, increases in interchange fee rates, together with growth in the volume of card transactions, have led to a dramatic rise in the total value of interchange fee payments and, consequently, in merchants’ cost of accepting payment cards. These cost increases have given rise to significant concerns among merchants.

Electronic Payments Coalition Opposes Chairman Conyers Interchange Legislation

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Merchants Want Consumers to Foot the Bill for Their Costs of Accepting Credit and Debit

WASHINGTON, June 4 /PRNewswire/ — The Electronic Payments Coalition issued the following statement in response to the interchange legislation introduced today by Congressman John Conyers (D-MI):

“The Electronic Payments Coalition strongly opposes interchange legislation introduced today in the U.S. House of Representatives by Rep. John Conyers (D-MI) – a bill nearly identical to one that received broad bipartisan opposition last year.

This legislation is an attempt by giant retailers to make consumers pay for one of their business expenses – the cost of accepting credit and debit. It’s simple: merchants do not want to pay their fair share to accept debit and credit cards, and they want consumers to foot the bill.

If this legislation passes, American families will end up footing retailers’ bills when it comes to accepting debit and credit cards.

 Merchants that accept credit and debit cards benefit from more sales, lower costs and greater profits. It is only fair that they pay a fee for this service.

At a time when American families everywhere are struggling to make ends meet, they shouldn’t be forced to pay more so giant retailers can profit at their expense. We understand that every business wants to find ways to cut overhead costs for valued services, but forcing consumers to pick up the bill for giant retailers just isn’t fair.

Consumers pay their bills. Giant retailers should pay theirs, too. On behalf of every American consumer who pays his or her own bills, the Electronic Payments Coalition urges Congress to oppose this harmful legislation.”

MasterCard: Legislation Would Let Merchants Keep the Benefits of Card Acceptance But Make Consumers Pay the Price

Purchase, NY, June 04, 2009 – MasterCard said today that legislation introduced today by U.S. Rep. John Conyers (D-MI), by exempting merchants from antitrust laws, would take away the fundamental protections that these laws provide consumers. This would result in less credit availability, along with higher prices and reduced benefits when Americans choose to use their credit or debit cards. Antitrust laws are designed to protect competition and consumers, but this bill would have the opposite effect.

Conyers’ legislation, H.R. 2695, would give merchants a special exemption from antitrust laws enabling them to engage in anticompetitive and collusive behavior when establishing the fees and terms applicable to accepting payment cards. The bill is part of an organized merchant campaign to shift their card acceptance costs to consumers, and does not require merchants to pass on any savings to consumers if they succeed in lowering these fees.

When similar legislation was considered last Congress, it stirred considerable controversy and was only narrowly approved by a deeply divided Judiciary Committee. In addition, a wide array of organizations from non-profits to community banks and credit unions to minority small businesses voiced their opposition. The Department of Justice also expressed concern about the bill indicating that its antitrust exemptions “would appear to be the type of naked collusion that the antitrust laws condemn as per se unlawful because such conduct lacks plausible benefits to competition.”

Experience demonstrates that consumers lose when merchants no longer pay their fair share for the valuable benefits they receive from accepting payment cards. This is precisely what happened in Australia when the government reduced interchange fees. Although it cut costs for merchants, many Australian consumers now pay more for their payment cards and receive less in return as a result of the government’s intervention. Furthermore, there is no evidence that merchants reduced prices for consumers as a result of the government’s intervention.

Both merchants and consumers benefit from the ability to use and accept electronic payments, and in today’s free market system, each pays a share of the cost of the service. The benefits and the cost of card payment services are now shared between merchants and consumers but the merchants behind the Conyers bill seek to retain the benefits while shifting the costs to consumers.

Finally, MasterCard noted that any serious discussion of these issues should wait for the results of the Government Accountability Office (GAO) study ordered by Congress as part of the Credit CARD Act. Consumers stand to be severely damaged by government intervention and the findings of the GAO study may help avoid consumer harm that inevitably flows when merchants no longer pay their fair share for the benefits they receive.

MasterCard Merchant Interchange Fee Comments

On the MasterCard Worldwide website, the credit card giant has a posting and disclaimer about merchant interchange fees that is very interesting.

Interchange rates and fees are established by MasterCard and are generally paid by financial institutions called “acquirers” that provide card acceptance services to merchants. Acquirers pay these fees to card issuers. Interchange rates/fees are only one of the many cost components of the Merchant Discount Rate (MDR) that is established by acquirers and paid by merchants in exchange for card acceptance services.

Please note that MasterCard is not an issuer and has no involvement in acquirer/merchant pricing policies.

While MasterCard is not a card “issuer,” the giant credit card company is attempting to distance itself from the merchant interchange antitrust litigation by suggesting they are not involved in pricing policies. That is what this antitrust litigation is about -  price-fixing. At the time the lawsuit was filed, which I am a lead plaintiff in, MasterCard was entirely owned by its member banks.  While MasterCard may claim it is not involved with “pricing policies,” it was its board members (the banks) that collectively set the fees; many of those board members were also controlling Visa as well.

Credit Card Fair Fee Act Reintroduced

MasterCard’s response to Credit Card Far Fee Act is wrong. They (the credit card issuers) ALREADY are making less credit available, forcing higher rates and cutting benefits.

The Electronic Payments Coalition claims that the Credit Card Fair Fee legislation is aimed to help giant retailers. ScanMyPhotos.com is not a “giant retailer,” we are just like millions of other merchants and small businesses that are battling Visa, MasterCard and its member banks over illegal anti-competitive price-fixing of their merchant interchange fees.

NACS Applauds Re-Introduction of Credit Card Fair Fee Act

WASHINGTON — NACS applauded the reintroduction of the “Credit Card Fair Fee Act,” bipartisan legislation introduced today by House Judiciary Chairman John Conyers (D-MI) and Representative Bill Shuster (R-PA) that seeks to address the more than $48 billion that Americans annually pay in credit card swipe fees.

Similar to legislation introduced last Congress by Chairman Conyers and supported by NACS, the bill, H.R. 2695, seeks to help level the playing field for retailers by giving them a seat at the negotiating table with banks to determine the fees assessed for every sale made by credit card, and ultimately reduce the costs of everyday goods for consumers.

Credit card swipe fees — called “interchange fees” by the big banks that set these rates — are a percentage of each transaction that Visa and MasterCard and their member banks collect from retailers every time a credit or debit card is used. These fees average about 2 percent in the United States, the highest rate in the industrialized world.

In 2008, credit card fees cost U.S. convenience stores $8.4 billion — compared to only $5.2 billion in store profits, according to NACS data. Almost all of these credit card fees are attributable to credit card swipe fees.

Currently, credit card swipe fees are set in secret by the banks and hidden from view. Raising these fees is how Visa and MasterCard — which together control more than 80 percent of the U.S. credit card market — encourage banks to issue more credit and debit cards.

“We are delighted that Congress is taking a closer look at these outrageous fees on the heels of its reform of the credit card industry’s abusive lending practices,” said NACS Chairman Sonja Hubbard, CEO of Texarkana, Texas-based E-Z Mart Stores. “Now it’s time to address the rest of the credit card industry’s abusive practices.”

“Right now swipe fees are fixed by the banks, hidden from the public and forced on retailers in a take-it-or-leave-it offer,” said Hubbard. “The Credit Card Fair Fee Act would allow retailers and the card associations to negotiate on equal footing, and we applaud this bipartisan effort to make it happen,” she said.

Over the last several years, the public, consumer groups, the Federal Reserve and Congress have scrutinized unfair credit card practices, policies and fees. Swipe fees have been the subject of multiple hearings in both the House and Senate under both the Republican and Democratic Congresses, and the banking industry has intensely lobbied against any reform — something it continues to do.

“It is simply outrageous that the banking industry — which received hundreds of billions of dollars in taxpayer-funded bailout money — continues to spread fear and misinformation in their lobbying efforts,” said Hubbard. “The bottom line is that unless Congress fully addresses how credit card swipe fees are determined, and why they are set in secret and hidden from consumers, the banking industry will have free reign to establish higher rates and create new hidden fees that continue to punish Americans,” she said.

CBSNEWS.Com More Credit Card Rate Hikes

Twitter: An Important Solidarity Tool For Championing Social Equality

#18000

Many individuals and businesses are gathering online to recommit in the repeal of the anti-marriage proposition 8 ruling in California.

If you are one of the 18,000 gay and lesbian couples who were legally married in the state, or are their friend or relative, let your Tweets send a powerful message and show your support for the freedom to marry. Following the California Supreme Court’s decision to uphold Prop. 8, which stripped same-sex couples of their right to marry, many people are taking a stand to win back marriage equality. For complete information on this important issue we recommend visiting: Equality California (@EQCA) and the Human Rights Campaign (@HRCBackStory).

WHAT TO DO:  It is easy, free and just uses six characters. Beginning today, every @WayTooHightweet posting will end with “#18000″ hashtag symbol on Twitter to support marriage equality. Mitch Goldstone, editor of WayTooHigh.com and @WayTooHigh and Carl Berman are the lead plaintiffs, representing millions of merchants, in the first merchant interchange antitrust lawsuit against Visa, MasterCard and its major member banks from 2005 and are one of the 18,000 legally married gay couples in California.

Think of the millions of daily tweets, the solidarity and impact of having many messages end in “#18000.” The goal is to create a daily trending topic on Twitter by having “#18000” consistently rank and get noticed.

It will be our collective signature and allegiance to this important human rights cause and help open the hearts and minds by identifying the sweeping support for marriage equality.

Each time you tweet, please use the last six characters to show your support for marriage equality. Let others know what you are doing by retweeting (RT) this message: “We are using Twitter to take a stand and support marriage equality by ending each tweet with this hashtag: #18000″

UnfairCreditCardFees.com Cartoon

Click here, “Interchange Able”

NRF Urges Senate to Pass Amendment to Credit Card Reform Bill Making Cash Discounts Easier

NRF Urges Senate to Pass Amendment to Credit Card Reform Bill Making Cash Discounts Easier WASHINGTON, May 12, 2009 – The National Retail Federation today urged the Senate to approve an amendment that would make it easier for retailers to offer discounts to customers who use cash or other low-cost forms of payment rather than credit cards that carry increasingly high processing fees. “Retailers should be able to offer discounts to their customers in any legal way they choose without interference from the credit card companies,” NRF Senior Vice President for Government Relations Steve Pfister said. “By reinforcing retailers’ ability to offer discounts, the Durbin-Bond amendment will directly help reduce the prices that consumers pay for goods and services.” Pfister’s comments came in a letter to members of the Senate, which is expected to vote this week on legislation that would block a number of abusive credit card industry practices such as applying interest rate increases retroactively to existing balances or “double cycle” billing, where interest charges are computed on outstanding balances from more than one billing cycle. Senate Majority Whip Richard Durbin, D-Ill., and Senator Christopher “Kit” Bond, R-Mo., plan to offer an amendment to the legislation that would make it easier for merchants to offer a discount to customers who use low-cost forms of payment. Current federal law allows merchants to offer a discount in such cases, but complicated credit card company rules make it extremely difficult to do so in practice. The Durbin-Bond amendment would add debit cards to cash and checks on the list of payments for which a discount can be offered, and would prohibit credit card companies from penalizing merchants for offering a discount, for the way in which they display discounts or for directing customers toward a discount payment option. The legislation would also direct the Federal Reserve to gather and publish information on credit card interchange fees, other credit card fees and rules governing them. “These rules are essentially hidden today,” Pfister said. “Both retailers and the public have a right to more complete information given the billions of dollars involved and the impact these fees have on the cost of everyday goods.” The amendment is aimed at credit card interchange, a fee averaging close to 2 percent that Visa and MasterCard banks charge merchants to process the transaction each time a credit card is used to pay for a purchase. Visa and MasterCard rules effectively require the fees to be built into the price of merchandise, driving up costs for all consumers regardless of whether they pay by cash, check or plastic. The fees totaled $48 billion in 2008 and cost the average household $427, according to NRF estimates. Both numbers are three times the levels seen when NRF began tracking interchange in 2001. The interchange fee varies from as little as about 1.5 percent to as high as about 3 percent, with “premium” cards offering rewards programs to the users carrying the highest fees. In addition to adding debit cards to the list of payments for which discounts can be offered, the Durbin-Bond amendment would allow merchants to offer discounts to customers who use low-fee credit cards rather than high-fee cards. The National Retail Federation is the world’s largest retail trade association, with membership that comprises all retail formats and channels of distribution including department, specialty, discount, catalog, Internet, independent stores, chain restaurants, drug stores and grocery stores as well as the industry’s key trading partners of retail goods and services. NRF represents an industry with more than 1.6 million U.S. retail establishments, more than 24 million employees – about one in five American workers – and 2008 sales of $4.6 trillion. As the industry umbrella group, NRF also represents more than 100 state, national and international retail associations. www.nrf.com.

John R. Wilke, Wall Street Journal Reporter Dies

Very sad news today, as we learn of the passing of the extraordinary journalist and investigative Wall Street Journal reporter, John Wilke.  Over the years, John and I exchanged comments on the banking and credit card industry.  Click here for more info.

Banking From a “SouthPark” Prospective

Another Reason Bank of America CEO, Ken Lewis Should be Fired

U.S. Retail Organizations to Merge

The National Retail Federation (NRF) and the Retail Industry Leaders Association (RILA) will merge into one trade association that cohesively represents millions of workers in the industry, reports the Baltimore Business Journal.

“This is an historic time for our industry. The challenges and opportunities before our members are unprecedented. Now is the right time to bring these associations together,” said RILA Chairman Robert Niblock, CEO of Lowe’s Co. Inc. and NRF Chairman Myron Ullman, CEO of J.C. Penney Co. Inc., in a joint statement.

The combined group, which is currently unnamed, will give members a singular and stronger voice on policy, communications, and public affairs issues in Washington, D.C.; access to events and conferences for members of both groups; focused educational and operational services for independent retailers; and a fully-integrated staff.

Both groups will undergo a due diligence process to complete the merger, which has already been approved by their executive committees. Both associations’ boards must recommend the merger, and both memberships must approve it. The groups expect the deal to be completed by the summer, says the Baltimore Business Journal, with further details to be nailed out in the coming months.

Roslyn, Va.-based RILA has 200 member companies — from Abercrombie & Fitch to Wal-Mart — and it represents more than $1.5 trillion in sales. It employs 30 people.

The Washington, D.C.-based NRF is the world’s largest retail trade association with about 2,500 members, including department, specialty, discount, catalog, Internet, independent stores, chain restaurants, drugstores, and grocery stores. It employs about 100 workers.

Rebuttal to MasterCard Canada Assertions

According to Canada NewsWire, MasterCard provided the following key points regarding interchange and debit and WayTooHigh.com replied below.

MASTERCARD CANADA: Canada has a well-functioning payments system that provides significant convenience and security to consumers and merchants. It has continued to operate effectively and drive commerce despite a global credit crisis. More than $240 billion in Canadian commerce is expedited on credit card systems annually.

WAYTOOHIGH: Nobody denies that payment cards are convenient and relatively secure. However, these benefits have nothing to do with interchange fees and do not confer upon issuing banks a blank check to extort supracompetitive profits from merchants and consumers through a hidden tax. Price-fixing is illegal!
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MASTERCARD CANADA: A merchant that processes a credit card transaction enjoys guaranteed payment even at a time of increasing consumer default rates.

WAYTOOHIGH: Merchants are not permitted by the Visa and MasterCard rules to separately negotiate for payment guarantee services. This should be a negotiable service subject to competitive forces. Merchants should have the choice of whether to purchase these services from the card networks, from a third party, or not at all. The card networks and issuing banks already include the risk of default in the interest rates they charge to consumers. There is no justification for forcing merchants to cover this cost.
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MASTERCARD CANADA: Merchants benefit from increased sales, improved payment efficiency, reduced cash handling, customer convenience and satisfaction, e-commerce facilitation, international purchase handling, automatic currency conversion and settlement, among other benefits.

WAYTOOHIGH: There are no studies supporting the assertion that card usage increases sales, reduces checkout time, or increases consumer satisfaction. These are simple advertising puffery. To the extent that some of these claims are accurate, they are neither an excuse to price-fix supracompetitiveinterchange fees nor a justifiable expense to force upon merchants without negotiation. Just look at the tricks MasterCard and Visa (both were controlled by thousands of the same member banks) They offer sweepstakes, but the less expensive PIN-based debit cards are ineligible. They charge merchants for the high-costing affinity (frequent flier reward) signature cards, but many consumers never cash in those rewards. And now, the credit card companies are taking back the accrued rewards if a cardholder defaults by a single day, some unscrupulous companies are even paying cardholders to close their accounts, thus also losing those rewards.
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MASTERCARD CANADA: Interchange is a fee that passes between acquirers (who handle card processing for merchants) and card issuers. Issuers receive interchange to compensate them for significant costs and risks borne in offering credit cards including interest-free periods, account management, credit losses, fraud protection and processing.

WAYTOOHIGH: Regarding the assertion that merchants don’t pay interchange, the rebuttal is that the merchant discount rate automatically includes the interchange fee. The rest is mere semantics. Also, why would they talk about benefits to merchants from interchange fees if merchants weren’t paying those fees? Remember: interchange fees were designed forty-years ago, when retailers used antiquated manual credit card imprinters (ScanMyPhotos.com used these way back in the early 1990’s.  The fee was cost-based; remember those stacks of carbon-copy receipts? Write a check, which passes through the Federal Reserve network and the there is no clearing (interchange) charge. Use a Starbucks gift card, and there is no interchange fee. Use a shopping mall card, good at multiple merchant locations, and there is no interchange charge. Buy a gift card for any retailer at a supermarket and even though there is a network of payment mechanisms in place, there is no interchange fee. Use a PIN-based Debit card in Canada and there is no interchange fee. Use a credit card in Iceland and… you get the idea. As to the “issuer compensation” argument, many of those expenses should be borne by the consumer, not the merchant (e.g. free funding period). Furthermore, the merchant should not be forced to purchase these alleged services as a price-fixed bundle. These should be available separately and negotiably.
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MASTERCARD CANADA: MasterCard’s Canadian interchange rates remain well below those of other developed markets including the United States and below similar fees for American Express in Canada. A sampling of other countries with higher blended interchange rates than Canada include Argentina, Brazil, Germany, Greece, Indonesia, Japan, Philippines, Poland, Portugal, Switzerland, Turkey and Uruguay.

WAYTOOHIGH: The relevant comparison is not Canada v. Uruguay, it’s competitive v. anticompetitive. The fact that MasterCard’s supracompetitive interchange rates are not quite as inflated in other countries as they are in North America doesn’t render them legal. MasterCard and Visa boast 80% market power and are two giant cartels with, until recently, the same representatives on their board of directors. Collusion, greed, illegal price-fixing and hundreds of billions of dollars paid by consumers and merchants over the years is why this battle may be the largest antitrust case in U.S. history, and why the banks are engaged in a death-spiral battle against its two core customers – consumers and merchants. 
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MASTERCARD CANADA: MasterCard receives no revenue from interchange.

WAYTOOHIGH: MasterCard remains a puppet of the issuing banks, who receive enormous amounts of revenue from interchange. How does MasterCard explain the term “Merchant Discount Rate?” So, where do their revenues come from, then?
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MASTERCARD CANADA: Consumers do not pay interchange fees nor merchant fees.

WAYTOOHIGH: As with the argument that merchants don’t pay interchange, MasterCard exalts form over substance. As a practical matter, merchants must build in their overhead costs into the costs of their products. Increasing interchange fees effectively increases the cost of goods just as would increasing the cost of the merchant’s rent or electricity.  The nearly $60 billion dollars in merchant interchange fees in the U.S. last year came from somewhere!  It is a hidden tax that ultimately, the consumers pay.
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MASTERCARD CANADA: Merchants who choose to accept credit cards pay to participate in exchange for the benefits received. The fee accounts for the multiple benefits received.

WAYTOOHIGH: The idea that merchants “choose” to accept credit cards is a myth. In reality, merchants must accept payment cards in order to stay in business. Furthermore, interchange is not cost-based. If it were, it would be far, far lower. Look at the European Union, where cross-border interchange is mandated to be cost based by law. For Ecommerce businesses, like ScanMyPhotos.com and millions of other online companies we are forced to accept Visa and MasterCard – they have an 80% market power over the industry. Their millions of dollars invested in TV commercials training consumers not to pay with cash is all the more reason why MasterCard and Visa are like drug dealers, they get consumers trained and then force them to use their products. Yes, force, and we can explain why.
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MASTERCARD CANADA: Merchants pay a merchant fee established by their acquirer, not MasterCard. Interchange forms a portion, but not all, of that merchant fee.

WAYTOOHIGH: Interchange accounts for the vast majority of the merchant discount fee and is non-negotiable. The merchant discount fee is always higher than the interchange fee, meaning that merchants effectively pay interchange. If the truth were otherwise, we’d have acquirer lawsuits against the networks and the issuers. Get real, it’s all about MasterCard. Until recently, MasterCard and Visa were just brands (trade associations) fully owned by the banks. Whether the fees go to the banks or the two giant credit card association, the same pockets were being enriched.
—

MASTERCARD CANADA: MasterCard’s 2008 adjustment to interchange rates was the first in seven years. Some rates were reduced.

WAYTOOHIGH: Whether or not that’s true, it doesn’t change the fact that the rates are much higher than they would be in a competitive environment (assuming they’d exist at all). Some rates were 300% higher than in 1999. Without warning, millions of merchants receive a twice yearly letter explaining the new rates, just days prior to it taking effect.
—

MASTERCARD CANADA: A merchant can obtain his MasterCard interchange rates via www.mastercard.ca. This information has been available for more than two years. [There is a now similar website in the U.S. with more than one-hundred pages of rate schedules].

WAYTOOHIGH: Only two years? Why was MasterCard so secretive before that? Regardless, the merchant has no way of knowing what the interchange rate will be at the time of sale and therefore cannot make an educated decision about whether to accept the card. There is no transparency, and those website rate schedules are unclear and confusing. If MasterCard was honest, they would easily post the exact interchange fee as part of every charge card receipt (right under the sales tax breakdown).
—

MASTERCARD CANADA: When interchange was regulated in Australia, it led to reduced card benefits to consumers and there is no evidence that retailers passed on savings in reduced prices.

WAYTOOHIGH: To allege that a reduction in overhead costs for an entire country’s merchants would not result in lower prices is to allege a price-fixing conspiracy among all merchants. If so-called “cardholder benefits” were only available because of a price-fixing conspiracy between issuing banks, we should not lose sleep over the disappearance of those benefits when the conspiracy is busted up. The rule of law is what matters, not cardholder benefits.
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MASTERCARD CANADA: MasterCard Worldwide has a PIN-based debit payment solution – Maestro(R) – used by more than 652 million cardholders in over 100 countries.

WAYTOOHIGH: Perhaps, but that doesn’t justify the price-fixing conspiracy and it doesn’t justify forcing merchants to pay supracompetitive interchange fees. MasterCard and its issuers don’t get a blank check just because they provide some benefits. Banks would need to provide debit cards even if they didn’t get interchange fees. Otherwise, it would be like banks providing a checking account but no checks.
—

MASTERCARD CANADA: MasterCard Canada is preparing to expand its global debit processing system in Canada where it would deliver compelling benefits to Canadian consumers and merchants.

WAYTOOHIGH: MasterCard is only increasing its market power so that it can continue to force supracompetitive interchange fees on merchants.
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MASTERCARD CANADA: Using Maestro, Canadian consumers could use debit all over the world.

WAYTOOHIGH: See previous two arguments.
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MASTERCARD CANADA: Accepting Maestro means Canadian merchants could accept international travelers’ debit cards.

WAYTOOHIGH: See above.
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MASTERCARD CANADA: MasterCard will provide technological advancements including greater security and fraud protections, innovations

WAYTOOHIGH: See above.
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MASTERCARD CANADA: MasterCard operates a global debit infrastructure with centralized operations that run 24/7. The system delivers significantly greater scale than Canada’s incumbent debit network. It has had zero downtime in more than seven years.

WAYTOOHIGH: See above.
—

MASTERCARD CANADA: MasterCard will create competition in the Canadian debit market where it has never existed.

WAYTOOHIGH: MasterCard is not talking about competition for merchant acceptance, only “competition” for issuing banks, which has the effect of increasing interchange rates at the expense of merchants. Payment cards are a two-sided market (issuance and acceptance) and when MasterCard, Visa and the member banks talk about so-called “competition,” they’re never talking about the merchant side of the market.

Credit Card Executive Attendees at The White House

According to Reuters, this is the list of credit card industry executives expected to attend the Presidential White House meeting on Thursday, April 23rd.

• Larry Sharnak – American Express,  Executive Vice President and General Manager, Consumer Cards
• Richard Struthers – Bank of America, President, Global Card Services
• Lloyd Wirshba – Barclaycard US, Chief Executive Officer
• Ryan Schneider – Capital One Financial Corp, President of Cards
• Paul Galant – Citigroup, CEO, N.A. Cards
• David Nelms – Discover Financial Services, CEO
• Patrick Burke – HSBC Card and Retail Services, Senior Vice President and Chief Operations Officer
• Gordon Smith –  JPMorgan Chase & Co, CEO, Chase Card Services
• Christopher McWilton – MasterCard Worldwide, President, US Markets
• Pam Joseph – US Bancorp, Vice Chairman, Payments
• David Bohne – USAA President, USAA Savings Bank
• William Sheedy – VISA USA Inc, Global Head of Strategy
• Kevin Rhein – Wells Fargo & Co, Division President, Wells Fargo Card Services and Consumer Lending

CREDIT CARD INTERCHANGE FEE, MERCHANT-DISCOUNT ANTITRUST LITIGATION CLASS ACTION COMPLAINT

Click here to view the consolidated complaint.

TWITTER: Follow @WayTooHigh Recent “Tweets”

WayTooHigh

1. Credit Executives Are Summoned To White House (via Nancy Trejos and Binyamin Appelbaum Washington Post) http://ow.ly/366Pabout 2 hours ago from HootSuite
       

2. Congress is trying to rein in other abusive credit card fees, but if they don’t address interchange, they’ll miss the biggest threat of allabout 5 hours ago from HootSuite
       

3. $2,100,000,000 Earned in JUST the 1st Q by JP Morgan Chase. How much derived from antiquated credit card interchange fees? http://ow.ly/33hmabout 5 hours ago from HootSuite
       

4. Q: Why hasn’t MasterCard, Visa, Chase, CitiGroup, BofA, etc… not been shut down for collusion and credit card price-gouging. A: Dunnoabout 6 hours ago from HootSuite
       

5. Inside The Campaign To Oust Bank of America’s Ken Lewis: Video – http://ow.ly/3d2fabout 7 hours ago from HootSuite
       

6. Look out: Credit cards unleash big rate hikes http://ow.ly/3d2Habout 7 hours ago from HootSuite
       

7. If mortgage rates continue to decline, interest rates being lowered, why are Visa and MasterCard’s credit card interchange fees soaring?about 7 hours ago from HootSuite
       

8. You know it’s a good day for consumers and retailers when Visa publicly expresses extreme disappointment: http://ow.ly/2DdOabout 8 hours ago from HootSuite
       

9. White House calls in credit card industry – http://ow.ly/3c5dabout 9 hours ago from HootSuite
       

10. Dow ends best 6 weeks since 1938 on econ hopes -about 12 hours ago from HootSuite
        

11. In another gesture to vulnerable consumers, the House and Senate could take up a credit card bill of rights bill. – http://ow.ly/3c53about 12 hours ago from HootSuite
        

12. Question for merchants: Credit card processing fees are too high because? Tweet your experience with interchange fees @wayTooHighabout 12 hours ago from HootSuite
        

13. Encouraging Credit Card Holders to Leave Should Result in Interchange Fee Refunds – http://ow.ly/3c3kabout 12 hours ago from HootSuite
        

14. RT @katbuilder: Fight back with banks on charging high bank fees!!about 12 hours ago from HootSuite
        

15. This Merchants Payments Coalition / UnfairCreditCardFees.com video explains why MasterCard and Visa are the new enemies http://ow.ly/2BH8about 14 hours ago from HootSuite
        

16. Visa / MasterCard’s long history of anticomptitive price-fixing corrupts smart biz thinking; the marketplace should control competition8:10 PM Apr 17th from HootSuite
        

17. Some Bank of America credit card rates increasing: What you can do http://tinyurl.com/cm43o45:20 PM Apr 17th from HootSuite
        

18. Q: How can banks (MasterCard / Visa) cite “competitive pressures” regarding need for soaring credit card rates? They own the Monopoly board!4:31 PM Apr 17th from HootSuite
        

19. TARP-fed Banks Face Scrutiny on Credit Card Interest, Fees (USBanker) http://ow.ly/390O4:29 PM Apr 17th from HootSuite
        

20. For balance, to represent the millions of merchants (consumers) at the White House credit card meeting consider inviting Mitch Goldstone4:03 PM Apr 17th from HootSuite
        

21. We will be Tweeting non-stop on planned White House meeting on Thurs w/ credit card execs and URGE INTERCHANGE DISCUSSION http://ow.ly/38Q13:59 PM Apr 17th from HootSuite
        

22. Peter Barnes, Senior Washington Correspondent at FOXBusiness reports on White House / credit card banking exec meeting – http://ow.ly/38Pt3:56 PM Apr 17th from HootSuite
        

23. 4 Karey Wutkowski,Patrick Rucker at Reuters NOTE: Any White House meeting with credit card cos MUST discuss interchange = $60bln annual fee3:49 PM Apr 17th from HootSuite
        

24. White House to meet with credit card execs-sources (Reuters) http://ow.ly/38Oi3:47 PM Apr 17th from HootSuite
        

25. Dow ends best 6 weeks since 1938 on econonic hopes3:36 PM Apr 17th from HootSuite
        

26. MasterCard increased its network access and brand usage fee from 0.5 cents per transaction to 1.85 cents, a 270% increase http://ow.ly/2LYl3:35 PM Apr 17th from HootSuite
        

27. Companies encourage cell phone recycling as Earth Day approaches (only 10% of cell phones were recycled on ‘07) http://ow.ly/2VOG3:25 PM Apr 17th from HootSuite
        

28. Barclays Bank exclusive VISA Black card for THREE mln consumers = tool designed to generate HIGHER interchange fees http://ow.ly/2FAg2:50 PM Apr 17th from HootSuite
        

29. Why merchants & consumers aren’t Tweeting, blogging support for Visa, MasterCard & bank credit card Interchange fees: http://ow.ly/2sjT2:50 PM Apr 17th from HootSuite
        

30. Other credit card fee reforms are necessary, but don’t forget about the ~$60,000,000,000 interchange tax on businesses / consumers2:25 PM Apr 17th from HootSuite
        

31. Did Visa and MasterCard create a non-competitive environment in which businesses cannot negotiate for lower interchange rates? #credit1:40 PM Apr 17th from HootSuite
        

32. “A Quiet Windfall For U.S. Banks” (via Washington Post, Amit R. Paley) – http://ow.ly/2Gjq1:15 PM Apr 17th from HootSuite
        

33. The credit card interchange fee is the biggest hidden tax (~$60 bln) you’ve never head of, until now: http://ow.ly/2XC712:50 PM Apr 17th from HootSuite
        

34. Credit card companies are squeezing consumers in ways big and small – http://ow.ly/2R1o (consumer action)11:55 AM Apr 17th from HootSuite
        

35. This Merchants Payments Coalition / UnfairCreditCardFees.com video explains why MasterCard and Visa are the new enemies http://ow.ly/2lwa11:40 AM Apr 17th from HootSuite
        

36. RT @EFFIE325: @EVERYONE CREDIT CARD COMPANIES SHOULD BE GIVING PEOPLE SOME TYPE OF RELIEF INSTEAD OF RUINING THEM WRITE TO CONGRESS!10:53 AM Apr 17th from HootSuite
        

37. RT @JeffCole53: …credit card companies are like crack dealers, they ruin people’s lives, and then want to sell them even more of the drug10:53 AM Apr 17th from HootSuite
        

38. Avg. American household paid $427 in credit card interchange fees last year. Total interchange fee revenues have tripled since 2001.9:35 AM Apr 17th from HootSuite
        

39. RT @geidas In addition to all the other fees, credit card banks charge merchants a 2% transaction fee on every purchase http://htxt.it/HTAW9:00 AM Apr 17th from HootSuite
        

40. Anatomy of How Technology Should Reduce MasterCard and Visa’s Member Banks’ Credit Card interchange Fees – http://ow.ly/2HrO #congress #bank8:10 AM Apr 17th from HootSuite
        

41. Congress can’t fix the financial services industry without reforming huge, hidden credit card interchange fees. #banking #congress8:05 AM Apr 17th from HootSuite
        

42. “Pres Obama campaigned on credit card reforms, Fed ruled that their practices are unfair and deceptive” – http://ow.ly/368t (WashPost)7:53 AM Apr 17th from HootSuite
        

43. Credit Executives Are Summoned To White House (via Nancy Trejos and Binyamin Appelbaum Washington Post) http://ow.ly/366N7:45 AM Apr 17th from HootSuite
        

44. Retailers are waging a no-holds barred campaign seeking government regulation of card acceptance fees and interchange. http://ow.ly/2TnY7:45 AM Apr 17th from HootSuite
        

45. Congress can’t fix the financial services industry without reforming huge, hidden Visa / MasterCard, member banks’ interchange fees7:45 AM Apr 17th from HootSuite
        

46. Credit Card Execs Summoned to White House Meeting Next Thursday7:40 AM Apr 17th from HootSuite
        

47. in 2008, Americans paid twice as much in interchange fees than in credit card late fees and three times ATM fees!7:30 AM Apr 17th from HootSuite
        

48. Citigroup revenues neraly doubled to $24.79 billion in JUST the 1st Q. How much was derived from excessive credit card interchange fees?7:19 AM Apr 17th from HootSuite
        

49. Merchant interchange fees cover reward points for credit cards; when banks force cardholders to close accounts, NO REFUND of paid rewards7:00 AM Apr 17th from HootSuite
        

50. Merchants (consumers) are paying the interchange credit card fees, which includes funding reward points, but banks keep when accounts closed6:55 AM Apr 17th from HootSuite
        

51. Financial Services Committee Chair, Barney Frank said curbs on credit-card “abuses” are among his panel’s priorities. http://ow.ly/2XAx6:50 AM Apr 17th from HootSuite
        

52. More Reasons to Worry About Credit Card Companies (Morgan Housel, Motley Fool) http://ow.ly/2MsJ5:30 AM Apr 17th from HootSuite
        

53. Retailers across the nation are calling for interchange independence UnfairCreditCardFees.com5:05 AM Apr 17th from HootSuite
        

54. innovations in electronic payments should increase effeciencies and lower fees, that’s how non-monopoly cartels work9:30 PM Apr 16th from HootSuite
        

55. Ecommerce companies, like ScanMyPhotos.com and millions of others are forced to accept Visa and MaterCard; they wield 80% market power.5:50 PM Apr 16th from HootSuite
        

56. Convenience store owners call for card-fee action http://ow.ly/33jT5:04 PM Apr 16th from HootSuite
        

57. U.S. Rep. Peter Welch (D-Vt.) introduced a bill in the last Congress to prohibit these unfair credit card rules http://ow.ly/33j24:57 PM Apr 16th from HootSuite
        

58. Undue profiteering’s in the (credit) cards (via Sean Flynn, Boston Herald) – #banking #mastercard #visa – http://ow.ly/33iM4:55 PM Apr 16th from HootSuite
        

59. Can’t fix the economy and help small businesses without addressing the banks anticompetitive credit card interchange fees4:52 PM Apr 16th from HootSuite
        

60. RT @jesserz: JP Morgan Chase…making billions while people lose jobs. Justice prevails!4:46 PM Apr 16th from HootSuite
        

61. $2,100,000,000 Earned in JUST the 1st Q by JP Morgan Chase. How much derived from antiquated credit card interchange fees? http://ow.ly/33ha4:44 PM Apr 16th from HootSuite
        

62. JP Morgan Chase, named defendant in our merchant antitrust class-action lawsuit against credit card cos reports 1st Q earnings $2.1 bln4:42 PM Apr 16th from HootSuite
        

63. JP Morgan Chase – Earnings. Video (Bloomberg) http://ow.ly/33gG4:40 PM Apr 16th from HootSuite
        

64. RT @krishutchinson: Wells fargo card activator just hung up on me because I wouldn’t join the credit protection program….4:37 PM Apr 16th from HootSuite
        

65. RT @bostongal48: @waytoohigh EVERYTHING IS WAYTOO HIGH4:36 PM Apr 16th from HootSuite
        

66. Merchants: Socked by Credit Card Fees They Can’t See http://ow.ly/2M1E. Follow along on our 4-year blog: http://www.WayTooHigh.com3:55 PM Apr 16th from HootSuite
        

67. Using Twitter as forum to humanize and as advocacy channel in battle against Visa, MasterCard credit card fees #banks #credit WayTooHigh.com3:45 PM Apr 16th from HootSuite
        

68. Visa and MasterCard’s fees MUST be stopped. Now that the U.S. Taxpapers own banks, interchange should disappear3:40 PM Apr 16th from HootSuite
        

69. Visa and MasterCard, two ‘competitors’ announce price increases of nearly 300 percent at the same time in a recession? – http://ow.ly/2LYH3:35 PM Apr 16th from HootSuite
        

70. NY Times: Small-Business Owners Lobby to Cut Credit Card Fees – http://ow.ly/2GqM #MasterCard #Visa #banking #credit1:45 PM Apr 16th from HootSuite
        

71. Global economic recession worst since Great Depression, yet, banking credit card interchange fees still rising http://ow.ly/2Dl91:40 PM Apr 16th from HootSuite
        

72. Little transparency for interchange fees that banks pay each other for each credit, debit card and ATM transaction made by customers.1:35 PM Apr 16th from HootSuite
        

73. “Small-Business Owners Lobby to Cut Credit Card Fees” 9via New York Times, by JANE BIRNBAUM) http://ow.ly/2GkF1:20 PM Apr 16th from HootSuite
        

74. “The Credit Card Fee That Will Fleece You,” cost of using charge cards overseas could add 5% to your purchase – http://ow.ly/2GhW1:05 PM Apr 16th from HootSuite
        

75. Homeowners taking advantage of record-low mortgages, consumers benefit from lower interest rates, BUT, INTERCHANGE FEES AT RECORD LEVEL12:16 PM Apr 16th from HootSuite
        

76. More info visit WayTooHigh.com – the credit card interchange report Lead plaintiff, ScanMyPhotos.com has 4+ yrs of data http://ow.ly/32pQ11:37 AM Apr 16th from HootSuite
        

77. Seeking transparancy of Visa asnd MasterCard interchange rates. There is transparacy in Europe and AUS.11:36 AM Apr 16th from HootSuite
        

78. Rules by Visa and MasterCard are more than 1700 PAGES. Can’t discount for cash, can’t surcharge. can’t print out on receipt the fees11:35 AM Apr 16th from HootSuite
        

79. Tweeting on local and national small business leaders discussing the looming threat to economy by hidden credit card fees – interchange11:35 AM Apr 16th from HootSuite
        

80. Fighting interchange fees as Visa and Mastercard continue to raise credit card merchant interchange fees payment expense up 800+% since 199511:32 AM Apr 16th from HootSuite
        

81. Seeing D.C. support. Petro industry had $3.4 bln in profits last year. $7.6 bln in credit card fees.11:31 AM Apr 16th from HootSuite
        

82. One PA family business saw $4.6 mln in credit card fees, $1.0 mln more than prior year. Fed Up with Visa and MasterCard11:30 AM Apr 16th from HootSuite
        

83. Impact of uncontrolled crdit card fees on supermarkets and Main Street is devistating. Retailers are “madder than hell” at credit card cos.11:28 AM Apr 16th from HootSuite
        

84. Interchange is a nationwide proble,. Supermarkets after tax profit is about 1-2%, thus LESS THAN COST FOR CREDIT CARD FEES = LOSS11:28 AM Apr 16th from HootSuite
        

85. PA state wide trade assn is talking. Own about 6,000 stores in PA. Over past 5 years, members said interchaneg is fastest growing TAX11:27 AM Apr 16th from HootSuite
        

86. POLAND ABOLISHED INTERCHANGE FEES. EU rate is about 0.30%. U.S. about 2.0% for credit card merchant interchange fees11:26 AM Apr 16th from HootSuite
        

87. ONLY ABOUT 13% is used to cover COST OF INTERCHANGE electronic payment fees. U.S. pays HIGHEST RATE in WORLD11:26 AM Apr 16th from HootSuite
        

88. Use your debit card with rewards benefit yields HIGHER INTERCHANGE FEES.11:25 AM Apr 16th from HootSuite
        

89. WHEN YOU PAY CASH, low interchange fee card, FOOD STAMPS, CHECKS, cover high reward cards (signature affinity cards)11:25 AM Apr 16th from HootSuite
        

90. When you write a check. NO INTERCHANGE FEE. Mercjhant, however only gets ~98% back from credit card fees11:24 AM Apr 16th from HootSuite
        

91. CONSUMERS don’t know about interchange fees. About 2% per transactions. [about 100 separate rates].11:23 AM Apr 16th from HootSuite
        

92. FIGHT against unfair credit card fees. Seeking legislative action. Credit card interchange fees HIDDEN.11:23 AM Apr 16th from HootSuite
        

93. Taylor West intro: Lyle Beckwith, National Assn Convienence Stores (NACS) representing retailers nationwide11:22 AM Apr 16th from HootSuite
        

94. Stand by for live Tweeting from NEWS CONFERENCE [ Pennsylvania Retailers Urge Rep. Gerlach to Take Action] #Mastercard #Visa #banking11:18 AM Apr 16th from HootSuite
        

95. Retailers are pushing Congress to challenge the credit card industry’s little-known “interchange” fees, http://ow.ly/31Gn10:35 AM Apr 16th from HootSuite
        

96. Apple is about to sell its 1 billionth iPhone app, but think of all those micro-payment credit card interchange fees on 99-cent orders!10:35 AM Apr 16th from HootSuite
        

97. MasterCard, Visa and other bank card customers paid $14.6 billion in 2008 just in penalties http://ow.ly/2ODF10:20 AM Apr 16th from HootSuite
        

98. @WayTooHigh will be Tweeting LIVE from today’s press event. #MasterCard #Visa #banking #charge #credit card #interchange #bank fees10:15 AM Apr 16th from HootSuite
        

99. 11:15 (PDT). Today, April 16 at 2:15pm – Pennsylvania Retailers Urge Rep. Gerlach to Take Action http://ow.ly/324j9:50 AM Apr 16th from HootSuite
        

100. Telephone Press Conference Calling on Rep. Gerlach to Stand with Pennsylvania Consumers and Small Businesses – Credit Card Fees9:49 AM Apr 16th from HootSuite
         

101. Unfair and anti-competitive interchange fees are crippling businesses http://ow.ly/323J9:48 AM Apr 16th from HootSuite
         

102. Local and national small business leaders will host a conference call with state reporters to discuss hidden credit card fees; interchange.9:47 AM Apr 16th from HootSuite
         

103. Telephonic Press Conference, Thursday, April 16th, at 2:15 PM Eastern Dial-in number: 800-895-0198, Passcode: PENN**** http://ow.ly/323m9:46 AM Apr 16th from HootSuite
         

104. It’s not often that the credit card industry faces a defeat in D.C. until now, watch video http://ow.ly/2FLz #charge #banks #TARP #antitrust9:45 AM Apr 16th from HootSuite
         

105. Local Retailers Ask Rep. Gerlach to Stand With Them, Rein in Fees That Hurt Pennsylvania Consumers, Small Businesses http://ow.ly/323j9:45 AM Apr 16th from HootSuite
         

106. RT @geidas: @WayTooHigh I’m doing a story on the fees. Dan Kelly, Reading Eagle, PA, can you contact me at dkelly@readingeagle.com.9:30 AM Apr 16th from HootSuite
         

107. Growing List of Reasons to Lower and End Interchange Fees http://ow.ly/2DmH8:55 AM Apr 16th from HootSuite
         

108. @WayTooHigh edited by Mitch Goldstone, pres & CEO, ScanMyPhotos.com. Blog launched in ‘05 http://www.WayTooHigh.com http://ow.ly/2MeJ8:45 AM Apr 16th from HootSuite
         

109. - Retailers cry foul on credit card fees http://ow.ly/31Gc -8:24 AM Apr 16th from HootSuite
         

110. Bailed-Out Banks Face Probe Over Fee Hikes – MSNBC http://ow.ly/2Me27:40 AM Apr 16th from HootSuite
         

111. retailers under intense pressure, interchange fees = credit card cos charge retailers every time a charge card is used http://ow.ly/2nWG7:05 AM Apr 16th from HootSuite
         

112. Q: Why hasn’t MasterCard, Visa, Chase, CitiGroup, BofA, etc… not been shut down for collusion and credit card price-gouging. A: Dunno7:00 AM Apr 16th from HootSuite
         

113. RT @marktzk: USAir is unilaterally canceling my BofA Visa miles card and issuing a Barclay’s Mastercard instead. Looking for a new card now6:32 AM Apr 16th from HootSuite
         

114. Credit card-banking lobbyists, Bank of America, Chase, Citigroup, Wells Fargo, Visa, Mastercard et al won’t like this: http://ow.ly/2M2T5:05 AM Apr 16th from HootSuite
         

115. What’s wrong with credit card companies’ argument for higher interchange fees to fund frequent flyer rewards http://ow.ly/2MkU2:20 AM Apr 16th from HootSuite
         

116. RT @geidas In addition to all the other fees, credit card banks charge merchants a 2% transaction fee on every purchase http://htxt.it/HTAW8:50 PM Apr 15th from HootSuite
         

117. Take a second to help out WayTooHigh! Vote for them on Twibs at http://tinyurl.com/dldx7v8:38 PM Apr 15th from web
         

118. Did you know that there are no electronic payment merchant interchange fees for check clearing?6:40 PM Apr 15th from HootSuite
         

119. RT @NiamhD: I really hate when you check your bank account and the back have taken notified fees that you weren’t notified about…4:50 PM Apr 15th from HootSuite
         

120. RT @crunchysue: @jnpdx The government is run by credit card companies, and is not trying to get us out of debt at all.4:28 PM Apr 15th from HootSuite
         

121. RT @EFFIE325: @EVERYONE I’M ANGRY AT CREDIT CARD COMPANIES…THEY ARE RUINING ARE SCORES BY REDUCING OUR LIMITS PEOPLE COMPLAIN TO CONGRESS4:27 PM Apr 15th from HootSuite
         

122. RT @SeanMiller: Does anyone else hate Bank of America? 8 Overdraft Fees? Now I’ve been on hold all morning. Sweet.4:26 PM Apr 15th from HootSuite
         

123. @debs2005 – Like milions of retailers, ScanMyPhotos.com is forced to accept Visa and MasterCard (80% market power) 100% online biz is cc.4:25 PM Apr 15th from HootSuite in reply to debs2005
         

124. Question for retailers: Credit card processing fees are too high because? Tweet your experience with interchange fees @wayTooHigh4:22 PM Apr 15th from HootSuite
         

125. We’re a real company that is fed up with credit card fees; behind the scenes at ScanMyPhotos.com. – http://ow.ly/2YDi4:18 PM Apr 15th from HootSuite
         

126. Banks Hike Fees Despite Bailout Billions; Consumers and Congressional Panel Ask Why #mastercard #visa http://ow.ly/2M0U3:50 PM Apr 15th from HootSuite
         

127. Credit Card, Bank Fee Hikes Spark Outrage (ALICE GOMSTYN, ABC NEWS Business Unit) http://ow.ly/2M0G3:50 PM Apr 15th from HootSuite
         

128. NACS: New Credit Card Fees ‘Beyond Outrageous’ (National Association of Convenience Stores) http://ow.ly/2LY73:35 PM Apr 15th from HootSuite
         

129. AARP Magazine: Protect Your Priceless Photos – Let a scanning company digitize your pics. It’s cheap and easy as can be – http://ow.ly/2YoL3:28 PM Apr 15th from HootSuite
         

130. in 2008, Americans paid twice as much in interchange fees than in credit card late fees and three times ATM fees!2:55 PM Apr 15th from HootSuite
         

131. “No rhyme or reason to credit card fees” [via Stephen Campbell, New Brunswick Business Journal] http://ow.ly/2Dk52:40 PM Apr 15th from HootSuite
         

132. Watch What Congress Needs to Know About Interchange Fees (via http://www.UnfairCreditCard…) http://ow.ly/2Gpj #banking1:30 PM Apr 15th from HootSuite
         

133. Where are the Pro-Interchange Fee Bloggers and Tweets? http://ow.ly/2GnF #charge #retail #economy1:25 PM Apr 15th from HootSuite
         

134. Annual hidden credit card interchange tax on American consumers has skyrocketed from $25 billion to nearly $62 billion http://ow.ly/2Gkg1:20 PM Apr 15th from HootSuite
         

135. good days for consumers and retailers when Visa publicly expresses extreme disappointment: http://ow.ly/2nKe1:20 PM Apr 15th from HootSuite
         

136. with signs of global economic metldown, how are Visa, MasterCard, banks maintaining soaring merchant interchange fees? http://ow.ly/2GiE1:15 PM Apr 15th from HootSuite
         

137. Visa Inc. Warns of Multiple Threats to F’09, Among the many risks = penalties related to litigation settlements http://ow.ly/2Gi91:10 PM Apr 15th from HootSuite
         

138. Financial Services Committee Chair, Barney Frank said curbs on credit-card “abuses” are among his panel’s priorities. http://ow.ly/2XA312:36 PM Apr 15th from HootSuite
         

139. Chris Dodd, chair, Senate Banking Committee, said banks were using lax rules to “gouge” customers http://ow.ly/2Xy112:34 PM Apr 15th from HootSuite
         

140. Bank of America to Raise Fee on Credit-Card Transfers [Bloomberg, By David Mildenberg] http://ow.ly/2Xxl12:33 PM Apr 15th from HootSuite
         

141. Credit Card Interchange Fees: Issues and Answers (Merchants Payments Coalition)12:27 PM Apr 15th from HootSuite
         

142. About the Merchants Payments Coalition – http://ow.ly/2XqV12:13 PM Apr 15th from HootSuite
         

143. Happy that credit card interchange issue is being noticed by Chris Dodd and D.C. helps establish his independence from banking industry12:08 PM Apr 15th from HootSuite
         

144. RT @ThreeDegrees: I hate bank fees. #hate #bank11:55 AM Apr 15th from HootSuite
         

145. Outrageous interchange fees cost Americans $2 for every $100 they spend – whether or not they use a credit card – http://ow.ly/2zQz11:00 AM Apr 15th from HootSuite
         

146. RT @siriuslyheather: Damnit, how I hate bank fees! (((((((((((9:50 AM Apr 15th from HootSuite
         

147. The credit card interchange fee is the biggest hidden tax (~$60 bln) you’ve never head of, until now: http://ow.ly/2tDX9:20 AM Apr 15th from HootSuite
         

148. Did you Know: The actual cost to transact an electronic payment is a tiny fraction of the total fees collected8:40 AM Apr 15th from HootSuite
         

149. The credit card interchange fee = biggest tax you’ve never heard of. Nearly $2 of every $100 charged goes directly to credit card industry8:30 AM Apr 15th from HootSuite
         

150. RT @highking1979: Credit Card companies have no business receiving bailout funds. They charge enough.7:07 AM Apr 15th from HootSuite
         

151. Merchant interchange fees cover reward points for credit cards; when banks force cardholders to close accounts, NO REFUND of paid rewards6:50 AM Apr 15th from HootSuite
         

152. Rescued Banks Not Passing the Bailout Onto Customers who face steep increases in rates (avg CC int rate up 12.4% – http://ow.ly/2VE36:48 AM Apr 15th from HootSuite
         

153. The U.S. Securities and Exchange Commission is reviewing if Bank of America Corp violated federal securities law http://ow.ly/2OBg6:10 AM Apr 15th from HootSuite
         

154. This is the top ranked link from @WayTooHigh mastercard and Visa Tweets: http://ow.ly/2M3510:05 PM Apr 14th from HootSuite
         

155. RT @Whynatte: The US Airways flight attendant literally spent 15 minutes trying to sell a VISA card to passengers over loudspeaker.7:37 PM Apr 14th from HootSuite
         

156. Retailers are waging a no-holds barred campaign seeking government regulation of card acceptance fees and interchange. http://ow.ly/2TnX7:34 PM Apr 14th from HootSuite
         

157. RT @SuziB777 So they are saying the economy is coming back please tell my bus. bank account isn’t seeing any comebacks,,,, higher more fees7:29 PM Apr 14th from HootSuite
         

158. RT @LotsaNews: [CNN][ Bank fees on the rise: CNN's Mary Snow reports on growing anger over rising interest ra.. http://tinyurl.com/dkzd9c7:27 PM Apr 14th from HootSuite
         

159. RT @DebtLawyer: Credit card companies are inclined to settle with card holders who are experiencing a genuine financial hardship.6:50 PM Apr 14th from HootSuite
         

160. Barclays Bank exclusive VISA Black card for THREE mln consumers = tool designed to generate HIGHER interchange fees http://ow.ly/2FLj5:45 PM Apr 14th from HootSuite
         

161. It's not often that the credit card industry faces a defeat in D.C. until now, watch video http://ow.ly/2lw55:40 PM Apr 14th from HootSuite
         

162. You know it's a good day for consumers and retailers when Visa publicly expresses extreme disappointment: http://ow.ly/2DdJ5:30 PM Apr 14th from HootSuite
         

163. not often that the credit card industry faces a defeat in D.C. until now, watch video http://ow.ly/2nKR4:20 PM Apr 14th from HootSuite
         

164. Thanks to Twitter, retailers and consumers have instant updates in the war against Credit Card Cos; Visa, MasterCard and its member banks3:42 PM Apr 14th from HootSuite
         

165. When Visa and MasterCard began, there wasn't Twitter to provide instant updates on their anticompetitive price-fixing.3:40 PM Apr 14th from HootSuite
         

166. Credit Card Companies Pushing Back Against Udall's Reform Bill http://ow.ly/2SkX3:40 PM Apr 14th from HootSuite
         

167. RT @ms_elyse: just watched this documentary on Showtime called Maxed Out about credit card companies and debt. Everyone should watch it3:37 PM Apr 14th from HootSuite
         

168. RT @mikearama: @waytoohigh Credit card companies broken contracts http://tiny.cc/O57LE #credit #creditcards3:36 PM Apr 14th from HootSuite
         

169. Capital One hiked customer rates that it once had guaranteed would forever remain at 4.9% fixed to 17.9% variable - http://ow.ly/2R1C2:55 PM Apr 14th from HootSuite
         

170. in 2008, Americans paid twice as much in interchange fees than in credit card late fees and three times ATM fees!2:30 PM Apr 14th from HootSuite
         

171. The credit card interchange fee = biggest tax you've never heard of. Nearly $2 of every $100 charged goes directly to credit card industry2:30 PM Apr 14th from HootSuite
         

172. Merchants (consumers) are paying the interchange credit card fees, which includes funding reward points, but banks keep when accounts closed1:55 PM Apr 14th from HootSuite
         

173. MasterCard: The Most Absurd Statement in the History of the Credit Card Industry? http://ow.ly/2Gnb #retail #ecommerce #banking1:25 PM Apr 14th from HootSuite
         

174. Economic Crisis has no Pricing Impact on Interchange Fees #mastercard #visa #charge #bank http://ow.ly/2Gin1:10 PM Apr 14th from HootSuite
         

175. If you're a retailer paying credit card merchant interchange fees watch MAXED OUT - NOW ON DVD http://ow.ly/2GhB1:00 PM Apr 14th from HootSuite
         

176. This Merchants Payments Coalition / UnfairCreditCardFees.com video explains why MasterCard and Visa are the new enemies http://ow.ly/2i3C12:20 PM Apr 14th from HootSuite
         

177. Credit card companies are squeezing consumers in ways big and small - http://ow.ly/2R1a (consumer action)11:44 AM Apr 14th from HootSuite
         

178. More college students run up credit card debt for tuition, books http://ow.ly/2R0N11:42 AM Apr 14th from HootSuite
         

179. Mitch Goldstone, president & CEO, ScanMyPhotos.com (editor WayTooHigh.com) on Fox News (Jan 19) http://bit.ly/uYLAP11:05 AM Apr 14th from HootSuite
         

180. "Visa, MasterCard, who continue to add on fees and rules... Stand Up to Big Banks, Fix Credit Card Interchange Fees!" http://ow.ly/2zQh10:55 AM Apr 14th from HootSuite
         

181. Web100.com selected ScanMyPhotos.com (#16) for the Photo 100 list of the web's best photography sites: http://ow.ly/2Oon10:05 AM Apr 14th from HootSuite
         

182. RT @briana9: I hate Bank of America. 5 overdraft fees of $35/each in one day should not be legal!9:50 AM Apr 14th from HootSuite
         

183. Merchants (consumers) pay interchange credit card fees, includes funding reward pts, but banks keep when accounts closed http://ow.ly/2FAp8:50 AM Apr 14th from HootSuite