Debit Interchange Cuts May Drive More Consumers To Credit Cards – PaymentsSource Article #swipefees
New Federal Reserve Board rules that on Oct. 1 will reduce debit card interchange revenue for larger issuers may cause banks to raise fees associated with using debit cards, and that could drive consumers to use credit cards more, a new research paper from the Federal Reserve Bank of Boston contends.
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WayTooHigh.com: The Credit Card Interchange Report, is edited by Mitch Goldstone, co-founder of California-based ScanMyPhotos.com, the international online photo preservation service.
Goldstone and co-owner, Carl Berman are also the lead plaintiffs and class representatives in a antitrust class-action litigation against Visa, MasterCard and major banks that was filed in 2005.
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