Welch’s Electronic Check Parity Act would also prevent credit-card companies from restricting merchants’ ability to set a minimum or maximum payment for credit-card users, and it would allow merchants to offer discounts for cash, check and debit cards. Another amendment introduced yesterday by Durbin—and cosponsored by Sens. Patrick Leahy (D-Vt.) and Mary Landrieu (D-La.)—would do the same.
Durbin said, “Every time you make a purchase with a debit card, the bank that issued your card gets a cut of the sale amount, and the cut that they take keeps growing. Small businesses and consumers are getting hit over and over by the big banks, which end up making billions from these hidden fees. Debit-card and credit-card fees need to be brought under control so working Americans don’t get shortchanged.”