If you are in favor of the interchange limitations in the Durbin Amendment, you’ll want to visit Unfair Credit Card Fees (a website created by the Merchant Payments Coalition), and use their letter to Congress which states:
I am writing to you today to urge you to vote NO on any type of delay of the debit card swipe fee reform.
Congress should make it easier, not harder, to offer consumer discounts; delaying swipe fee reform will make discounting nearly impossible. And discounting is all the more important as gasoline tops $4 a gallon.
The same big banks that were bailed out a few years back are asking Congress to turn its back on American business owners and consumers, so that the credit card companies and their banking allies can keep on gouging Main Street Americans with their price-fixing swipe fee scheme.
Swipe fee reform was designed to bring fairness and transparency to the shrouded swipe fee payments system. The law says that the big banks have a choice: they can open the fees to competition and charge whatever price the market permits or they can continue to fix their fees, but those price-fixed fees must be “reasonable and proportional” to their costs.
Congress has held 9 hearings and 1 markup on swipe fees and the GAO has issued 3 reports. I can read the writing between the lines. I know that S. 575 and H.R. 1081 were not written to study the swipe fees that are crippling my business and every consumer in your district; they were written using the big banks’ scare tactics in order to completely derail these reforms. These aren’t “study” bills…they are “kill” bills.
Americans pay the highest swipe fees in the world. Merchants and consumers have been waiting for years to see these reforms realized, and every month of delay means another $1 billion that we have to hand over to the big banks and credit card companies.