Debit Card Fees Are Robbery – NYTimes.com #swipefees


For decades, Bank of America, the founding owner and member of Visa originally called BankAmericard and all of the Visa and MasterCard banks, including Chase, hid the identity of their debit cards from stores by designing them to look and function like their signature authorized credit cards and by charging stores the same price for debit and credit transactions. Banks did this despite the fact that purchases made with a debit card didn’t involve a loan from the bank, posed very little fraud risk and were extravagantly profitable to banks because they eliminated the costs of processing and clearing checks.

via Debit Card Fees Are Robbery – NYTimes.com.

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