Swiped: Banks, Merchants And Why Washington Doesn’t Work For You


The fees Chung pays are a tiny fraction of Wall Street’s swipe fee windfall; banks take in a combined $48 billion a year from these “interchange” fees on debit and credit cards, according to analysts at The Nilson Report. That money comes out of the pockets of consumers as well as merchants, as stores pass on whatever costs they can to their customers.

via Swiped: Banks, Merchants And Why Washington Doesn’t Work For You.

Advertisements

Comments are closed.

%d bloggers like this: