House Passes Legislation to Help Hold Down $20 Billion in Debit Card #SwipeFees : Dealerscope


The National Retail Federation welcomed a provision in financial services reform legislation passed by the House last week that will help hold down the $20 billion in debit card swipe fees charged annually by the banking industry and allow merchants to give discounts to customers who don’t use credit cards.

“The House has sent a clear message that big banks shouldn’t be allowed to drive up consumer prices by charging fees that are outrageously out of proportion to the actual cost of processing a transaction,” NRF Senior Vice President and General Counsel Mallory Duncan said in a release. “The requirements of this bill should result in debit card swipe fees that are truly ‘reasonable’ and ensure that banks can’t put their hands quite as far into consumers’ wallets as they do today.”

READ ARTICLE via House Passes Legislation to Help Hold Down $20 Billion in Debit Card Swipe Fees : Page 1 of 2 : Dealerscope.

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