In a decision that promises to tilt the balance of profits toward merchants and fulfill the fears of big-bank and credit card company shareholders, the Federal Reserve Thursday voted without any objections to propose a drastic cut in fees for bank debit card transactions.
Fed staff recommended for Board approval proposals that centered on 12-cent per transaction caps on such transactions, ruling out the trend toward marking up the debit card service to whatever the market will bear. The proposed fee cap was far more restrictive than expected. The Fed is asking for comments on some alternatives within the proposal being published in the Federal Register.
Repeat:Fed Proposes 12-Cent Safe Harbor for Debit Card Trans | iMarketNews.com