The Fed enters the skirmish over debit card fees. – By Timothy Noah – Slate Magazine


Debit cards did not catch on in the U.S. as quickly as they did in other industrialized nations. In a 1998 law review article, David Balto (then a staff aide at the Federal Trade Commission, now a senior fellow at the Center for American Progress) suggested this was partly because U.S. banks didn’t want to “cannibalize their lucrative credit card programs.” Visa and Master Card finessed the problem by promoting use of a different kind of debit card that had some characteristics of credit cards: the “offline” debit card.

via The Fed enters the skirmish over debit card fees. – By Timothy Noah – Slate Magazine.

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