Making debit cards cheaper –

Now, Congress is debating whether to put those “interchange” fees under Washingtons control. During last months debate over a financial regulatory reform bill S 3217, the Senate voted 64 to 33 in favor of an amendment by Sen. Richard Durbin D-Ill. to have the Federal Reserve regulate interchange fees for debit and stored-value cards e.g., prepaid Visa cards. Specifically, the bill said the fees would have to be “reasonable and proportional to the actual cost incurred by the issuer or payment card network with respect to the transaction.”

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