Congress Debates Swipe Fees for Debit, Credit Cards | Moneyland | TIME.com


“This for years has essentially been a secret source of funds,” says Mallory Duncan, the group’s senior vice president and general counsel, who claims big financial institutions operate in lockstep and prevent negotiation. “It’s operating essentially like a cartel,” she says. The NRF says the combination of credit and debit swipe fees costs each U.S. household $427 annually.

via Congress Debates Swipe Fees for Debit, Credit Cards | Moneyland | TIME.com.

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