Henry Helgeson, CEO of Merchant Warehouse is wrong on electronic payment interchange #swipefees

February 22, 2011

CardLine’s PaymentSource quoted Henry Helgeson, CEO of a processing company called Merchant Warehouse, Inc. where he spouted the same old invalid argument that giant banks want American’s, Congress and the Federal Reserve to believe merchants will not pass on to their customers the billions in savings from the new Durbin lower debit fees.

Surprisingly, Mr. Helgeson acknowledges that his company WILL
pass on to its merchant customers the lower debit fees, even though they
are not required to.  As a merchant (retail and eCommerce business owner) I am perplexed that Mr. Helgeson would risk his entire company, his merchant customers and perhaps soon-to-be former customers by taking sides with the giant banks by spouting their propaganda.  MasterCard and Visa’s member banks reap nearly $62 billion dollars a year from these merchant interchange swipe fees, which were designed forty years ago to cover antiquated carbon copy analog payment network.

Unlike the electronic payment network member banks which are without real competition (MasterCard and Visa wield 80% market power), merchants will all be compelled to rebate all saved interchange fees.  Merchants will not JUST lower prices, but we will hire more employees, invest in infrastructure and transparently benefit the economy rather than just the banks’ vaults.  Even so, the legal argument is being clouded by the bank’s multi-million dollar advocacy campaign.  The last thing Citigroup, JPMorgan Chase, Bank of America, Wells Fargo and thousands of other banks want you to know is that the argument is not about refunding savings to consumers, but rather it is all about anticompetitive illegal price-fixing.

As a lead plaintiff, suing MasterCard, Visa and major banks in what could be the largest anti-trust litigation in our nation’s history, I have been leading the battle against them for half a decade. For news and commentary updates follow WayTooHigh.com and Twitter

Mitch Goldstone
President & CEO
ScanMyPhotos.com

Advertisements

Dodd-Frank Wall Street Reform and Consumer Protection Act already led to new savings at ScanMyPhotos.com

July 23, 2010

Dodd-Frank Wall Street Reform and Consumer Protection Act and debit card fee reduction already led to new savings at ScanMyPhotos.com

 http://ht.ly/2fCJZ


NACS Video: Fight Swipe Fees!

April 26, 2010

NACSTV — April 26, 2010 — NACS, the association for convenience and petroleum retailing, delivered a record-setting number of consumer signatures to Congress on April 27, telling them that hidden credit and debit card swipe fees are unacceptable and that Congress must fix a clearly broken system. Learn more at http://www.fightswipefees.com


Small Business Advocates Commend California Investigative Hearing on Credit Card Fees (NACS)

January 27, 2010

Hearing provided a critical opportunity to address the impact of hidden swipe fees and review possible solutions.

SACRAMENTO – Monday afternoon, California Assemblyman Pedro Nava, chair of the Assembly Banking and Finance Committee, held an investigative hearing on the impact of hidden credit card swipe fees on California consumers and small businesses. Californians paid nearly $5 billion in swipe fees in 2008.

Small-business owners and advocates know that these hidden fees — which total more than credit card annual fees, cash advance fees, over-the-limit fees, and late fees combined – are crippling Main Street businesses and hurting their customers at a time when they can least afford it.

This hearing provided a critical opportunity to address the impact of hidden swipe fees and review possible solutions. The hearing is particularly notable both because of the size and impact of the California economy in the United States and because Visa’s headquarters are located in the state.

“This hearing is important, because it shows that Assemblyman Nava is listening to his constituents and that he recognizes, at a time when the economy is already so bad, that we can’t afford to let Visa, MasterCard, and the big banks rake in billions of dollars in hidden fees on the backs of small businesses and consumers,” said Mitch Goldstone, president and CEO of ScanMyPhotos.com, an Irvine, Calif.-based retail and online business that feels the impact of ever-increasing swipe fees every day.

“It’s also important that it’s happening in California. First, because we have such a large economy on our own, and reforms that start here often get picked up across the country. And second, because Visa is headquartered in California, this represents a dramatic signal to them that lawmakers are joining small businesses and our customers in saying ‘enough is enough,’” said Goldstone in a press release.

“Reforms are needed to create a transparent process for businesses to negotiate rates and enhance public awareness of interchange fees, which continue to increase,” testified Liz Garner of the Food Marketing Institute the hearing.

“Card companies and banks collect an interchange fee averaging about 2 percent on every credit and debit card transaction, and can raise the rates at any time by any amount,” she said. “We are working for a more competitive and transparent card system that works better for consumers and merchants alike, and hearings like this one are a critical step in that process.”

Credit card interchange fees squeezed American consumers and businesses to the tune of $48 billion in 2008. These hidden fees are set in secret by the banks and credit card companies and charged to store owners every time they run a customer’s credit card.

Americans pay the highest swipe fee rates in the industrialized world. On average, two dollars of every $100 a consumer spends using a credit card goes directly to the credit card industry. That adds up to $427 a year for every American household. Since 2001, the amount Americans pay in swipe fees has tripled.

source: NACSOnline 


Losing Money Every Time a Credit Card is Used

July 30, 2009

Read this credit card Interchange updated by Jan Norman, Orange County Register (July 30, 2009)

Excerpt:

The store owners lose money because a growing number of customers use credit cards for small purchases, he says.

The issue has been around for years. 30 Minute Photos Etc. in Irvine was a named plaintiff in a 2005 class action lawsuit against the interchange fees.

“Interchange fees are just a way that credit card companies squeeze merchants to enhance their revenue stream,” according to Mitch Goldstone, partner in 30 Minute Photos and ScanMyPhotos.com.



TWITTER: Follow @WayTooHigh Recent “Tweets”

April 18, 2009

WayTooHigh

  1. Credit Executives Are Summoned To White House (via Nancy Trejos and Binyamin Appelbaum Washington Post) http://ow.ly/366P

  2. Congress is trying to rein in other abusive credit card fees, but if they don’t address interchange, they’ll miss the biggest threat of all

  3. $2,100,000,000 Earned in JUST the 1st Q by JP Morgan Chase. How much derived from antiquated credit card interchange fees? http://ow.ly/33hm

  4. Q: Why hasn’t MasterCard, Visa, Chase, CitiGroup, BofA, etc… not been shut down for collusion and credit card price-gouging. A: Dunno

  5. Inside The Campaign To Oust Bank of America’s Ken Lewis: Video – http://ow.ly/3d2f

  6. Look out: Credit cards unleash big rate hikes http://ow.ly/3d2H

  7. If mortgage rates continue to decline, interest rates being lowered, why are Visa and MasterCard’s credit card interchange fees soaring?

  8. You know it’s a good day for consumers and retailers when Visa publicly expresses extreme disappointment: http://ow.ly/2DdO

  9. White House calls in credit card industry – http://ow.ly/3c5d

  10. Dow ends best 6 weeks since 1938 on econ hopes –

  11. In another gesture to vulnerable consumers, the House and Senate could take up a credit card bill of rights bill. – http://ow.ly/3c53

  12. Question for merchants: Credit card processing fees are too high because? Tweet your experience with interchange fees @wayTooHigh

  13. Encouraging Credit Card Holders to Leave Should Result in Interchange Fee Refunds – http://ow.ly/3c3k

  14. RT @katbuilder: Fight back with banks on charging high bank fees!!

  15. This Merchants Payments Coalition / UnfairCreditCardFees.com video explains why MasterCard and Visa are the new enemies http://ow.ly/2BH8

  16. Visa / MasterCard’s long history of anticomptitive price-fixing corrupts smart biz thinking; the marketplace should control competition

  17. Some Bank of America credit card rates increasing: What you can do http://tinyurl.com/cm43o4

  18. Q: How can banks (MasterCard / Visa) cite “competitive pressures” regarding need for soaring credit card rates? They own the Monopoly board!

  19. TARP-fed Banks Face Scrutiny on Credit Card Interest, Fees (USBanker) http://ow.ly/390O

  20. For balance, to represent the millions of merchants (consumers) at the White House credit card meeting consider inviting Mitch Goldstone

  21. We will be Tweeting non-stop on planned White House meeting on Thurs w/ credit card execs and URGE INTERCHANGE DISCUSSION http://ow.ly/38Q1

  22. Peter Barnes, Senior Washington Correspondent at FOXBusiness reports on White House / credit card banking exec meeting – http://ow.ly/38Pt

  23. 4 Karey Wutkowski,Patrick Rucker at Reuters NOTE: Any White House meeting with credit card cos MUST discuss interchange = $60bln annual fee

  24. White House to meet with credit card execs-sources (Reuters) http://ow.ly/38Oi

  25. Dow ends best 6 weeks since 1938 on econonic hopes

  26. MasterCard increased its network access and brand usage fee from 0.5 cents per transaction to 1.85 cents, a 270% increase http://ow.ly/2LYl

  27. Companies encourage cell phone recycling as Earth Day approaches (only 10% of cell phones were recycled on ’07) http://ow.ly/2VOG

  28. Barclays Bank exclusive VISA Black card for THREE mln consumers = tool designed to generate HIGHER interchange fees http://ow.ly/2FAg

  29. Why merchants & consumers aren’t Tweeting, blogging support for Visa, MasterCard & bank credit card Interchange fees: http://ow.ly/2sjT

  30. Other credit card fee reforms are necessary, but don’t forget about the ~$60,000,000,000 interchange tax on businesses / consumers

  31. Did Visa and MasterCard create a non-competitive environment in which businesses cannot negotiate for lower interchange rates? #credit

  32. “A Quiet Windfall For U.S. Banks” (via Washington Post, Amit R. Paley) – http://ow.ly/2Gjq

  33. The credit card interchange fee is the biggest hidden tax (~$60 bln) you’ve never head of, until now: http://ow.ly/2XC7

  34. Credit card companies are squeezing consumers in ways big and small – http://ow.ly/2R1o (consumer action)

  35. This Merchants Payments Coalition / UnfairCreditCardFees.com video explains why MasterCard and Visa are the new enemies http://ow.ly/2lwa

  36. RT @EFFIE325: @EVERYONE CREDIT CARD COMPANIES SHOULD BE GIVING PEOPLE SOME TYPE OF RELIEF INSTEAD OF RUINING THEM WRITE TO CONGRESS!

  37. RT @JeffCole53: …credit card companies are like crack dealers, they ruin people’s lives, and then want to sell them even more of the drug

  38. Avg. American household paid $427 in credit card interchange fees last year. Total interchange fee revenues have tripled since 2001.

  39. RT @geidas In addition to all the other fees, credit card banks charge merchants a 2% transaction fee on every purchase http://htxt.it/HTAW

  40. Anatomy of How Technology Should Reduce MasterCard and Visa’s Member Banks’ Credit Card interchange Fees – http://ow.ly/2HrO #congress #bank

  41. Congress can’t fix the financial services industry without reforming huge, hidden credit card interchange fees. #banking #congress

  42. “Pres Obama campaigned on credit card reforms, Fed ruled that their practices are unfair and deceptive” – http://ow.ly/368t (WashPost)

  43. Credit Executives Are Summoned To White House (via Nancy Trejos and Binyamin Appelbaum Washington Post) http://ow.ly/366N

  44. Retailers are waging a no-holds barred campaign seeking government regulation of card acceptance fees and interchange. http://ow.ly/2TnY

  45. Congress can’t fix the financial services industry without reforming huge, hidden Visa / MasterCard, member banks’ interchange fees

  46. Credit Card Execs Summoned to White House Meeting Next Thursday

  47. in 2008, Americans paid twice as much in interchange fees than in credit card late fees and three times ATM fees!

  48. Citigroup revenues neraly doubled to $24.79 billion in JUST the 1st Q. How much was derived from excessive credit card interchange fees?

  49. Merchant interchange fees cover reward points for credit cards; when banks force cardholders to close accounts, NO REFUND of paid rewards

  50. Merchants (consumers) are paying the interchange credit card fees, which includes funding reward points, but banks keep when accounts closed

  51. Financial Services Committee Chair, Barney Frank said curbs on credit-card “abuses” are among his panel’s priorities. http://ow.ly/2XAx

  52. More Reasons to Worry About Credit Card Companies (Morgan Housel, Motley Fool) http://ow.ly/2MsJ

  53. Retailers across the nation are calling for interchange independence UnfairCreditCardFees.com

  54. innovations in electronic payments should increase effeciencies and lower fees, that’s how non-monopoly cartels work

  55. Ecommerce companies, like ScanMyPhotos.com and millions of others are forced to accept Visa and MaterCard; they wield 80% market power.

  56. Convenience store owners call for card-fee action http://ow.ly/33jT

  57. U.S. Rep. Peter Welch (D-Vt.) introduced a bill in the last Congress to prohibit these unfair credit card rules http://ow.ly/33j2

  58. Undue profiteering’s in the (credit) cards (via Sean Flynn, Boston Herald) – #banking #mastercard #visa – http://ow.ly/33iM

  59. Can’t fix the economy and help small businesses without addressing the banks anticompetitive credit card interchange fees

  60. RT @jesserz: JP Morgan Chase…making billions while people lose jobs. Justice prevails!

  61. $2,100,000,000 Earned in JUST the 1st Q by JP Morgan Chase. How much derived from antiquated credit card interchange fees? http://ow.ly/33ha

  62. JP Morgan Chase, named defendant in our merchant antitrust class-action lawsuit against credit card cos reports 1st Q earnings $2.1 bln

  63. JP Morgan Chase – Earnings. Video (Bloomberg) http://ow.ly/33gG

  64. RT @krishutchinson: Wells fargo card activator just hung up on me because I wouldn’t join the credit protection program….

  65. RT @bostongal48: @waytoohigh EVERYTHING IS WAYTOO HIGH

  66. Merchants: Socked by Credit Card Fees They Can’t See http://ow.ly/2M1E. Follow along on our 4-year blog: http://www.WayTooHigh.com

  67. Using Twitter as forum to humanize and as advocacy channel in battle against Visa, MasterCard credit card fees #banks #credit WayTooHigh.com

  68. Visa and MasterCard’s fees MUST be stopped. Now that the U.S. Taxpapers own banks, interchange should disappear

  69. Visa and MasterCard, two ‘competitors’ announce price increases of nearly 300 percent at the same time in a recession? – http://ow.ly/2LYH

  70. NY Times: Small-Business Owners Lobby to Cut Credit Card Fees – http://ow.ly/2GqM #MasterCard #Visa #banking #credit

  71. Global economic recession worst since Great Depression, yet, banking credit card interchange fees still rising http://ow.ly/2Dl9

  72. Little transparency for interchange fees that banks pay each other for each credit, debit card and ATM transaction made by customers.

  73. “Small-Business Owners Lobby to Cut Credit Card Fees” 9via New York Times, by JANE BIRNBAUM) http://ow.ly/2GkF

  74. “The Credit Card Fee That Will Fleece You,” cost of using charge cards overseas could add 5% to your purchase – http://ow.ly/2GhW

  75. Homeowners taking advantage of record-low mortgages, consumers benefit from lower interest rates, BUT, INTERCHANGE FEES AT RECORD LEVEL

  76. More info visit WayTooHigh.com – the credit card interchange report Lead plaintiff, ScanMyPhotos.com has 4+ yrs of data http://ow.ly/32pQ

  77. Seeking transparancy of Visa asnd MasterCard interchange rates. There is transparacy in Europe and AUS.

  78. Rules by Visa and MasterCard are more than 1700 PAGES. Can’t discount for cash, can’t surcharge. can’t print out on receipt the fees

  79. Tweeting on local and national small business leaders discussing the looming threat to economy by hidden credit card fees – interchange

  80. Fighting interchange fees as Visa and Mastercard continue to raise credit card merchant interchange fees payment expense up 800+% since 1995

  81. Seeing D.C. support. Petro industry had $3.4 bln in profits last year. $7.6 bln in credit card fees.

  82. One PA family business saw $4.6 mln in credit card fees, $1.0 mln more than prior year. Fed Up with Visa and MasterCard

  83. Impact of uncontrolled crdit card fees on supermarkets and Main Street is devistating. Retailers are “madder than hell” at credit card cos.

  84. Interchange is a nationwide proble,. Supermarkets after tax profit is about 1-2%, thus LESS THAN COST FOR CREDIT CARD FEES = LOSS

  85. PA state wide trade assn is talking. Own about 6,000 stores in PA. Over past 5 years, members said interchaneg is fastest growing TAX

  86. POLAND ABOLISHED INTERCHANGE FEES. EU rate is about 0.30%. U.S. about 2.0% for credit card merchant interchange fees

  87. ONLY ABOUT 13% is used to cover COST OF INTERCHANGE electronic payment fees. U.S. pays HIGHEST RATE in WORLD

  88. Use your debit card with rewards benefit yields HIGHER INTERCHANGE FEES.

  89. WHEN YOU PAY CASH, low interchange fee card, FOOD STAMPS, CHECKS, cover high reward cards (signature affinity cards)

  90. When you write a check. NO INTERCHANGE FEE. Mercjhant, however only gets ~98% back from credit card fees

  91. CONSUMERS don’t know about interchange fees. About 2% per transactions. [about 100 separate rates].

  92. FIGHT against unfair credit card fees. Seeking legislative action. Credit card interchange fees HIDDEN.

  93. Taylor West intro: Lyle Beckwith, National Assn Convienence Stores (NACS) representing retailers nationwide

  94. Stand by for live Tweeting from NEWS CONFERENCE [ Pennsylvania Retailers Urge Rep. Gerlach to Take Action] #Mastercard #Visa #banking

  95. Retailers are pushing Congress to challenge the credit card industry’s little-known “interchange” fees, http://ow.ly/31Gn

  96. Apple is about to sell its 1 billionth iPhone app, but think of all those micro-payment credit card interchange fees on 99-cent orders!

  97. MasterCard, Visa and other bank card customers paid $14.6 billion in 2008 just in penalties http://ow.ly/2ODF

  98. @WayTooHigh will be Tweeting LIVE from today’s press event. #MasterCard #Visa #banking #charge #credit card #interchange #bank fees

  99. 11:15 (PDT). Today, April 16 at 2:15pm – Pennsylvania Retailers Urge Rep. Gerlach to Take Action http://ow.ly/324j

  100. Telephone Press Conference Calling on Rep. Gerlach to Stand with Pennsylvania Consumers and Small Businesses – Credit Card Fees

  101. Unfair and anti-competitive interchange fees are crippling businesses http://ow.ly/323J

  102. Local and national small business leaders will host a conference call with state reporters to discuss hidden credit card fees; interchange.

  103. Telephonic Press Conference, Thursday, April 16th, at 2:15 PM Eastern Dial-in number: 800-895-0198, Passcode: PENN**** http://ow.ly/323m

  104. It’s not often that the credit card industry faces a defeat in D.C. until now, watch video http://ow.ly/2FLz #charge #banks #TARP #antitrust

  105. Local Retailers Ask Rep. Gerlach to Stand With Them, Rein in Fees That Hurt Pennsylvania Consumers, Small Businesses http://ow.ly/323j

  106. RT @geidas: @WayTooHigh I’m doing a story on the fees. Dan Kelly, Reading Eagle, PA, can you contact me at dkelly@readingeagle.com.

  107. Growing List of Reasons to Lower and End Interchange Fees http://ow.ly/2DmH

  108. @WayTooHigh edited by Mitch Goldstone, pres & CEO, ScanMyPhotos.com. Blog launched in ’05 http://www.WayTooHigh.com http://ow.ly/2MeJ

  109. – Retailers cry foul on credit card fees http://ow.ly/31Gc

  110. Bailed-Out Banks Face Probe Over Fee Hikes – MSNBC http://ow.ly/2Me2

  111. retailers under intense pressure, interchange fees = credit card cos charge retailers every time a charge card is used http://ow.ly/2nWG

  112. Q: Why hasn’t MasterCard, Visa, Chase, CitiGroup, BofA, etc… not been shut down for collusion and credit card price-gouging. A: Dunno

  113. RT @marktzk: USAir is unilaterally canceling my BofA Visa miles card and issuing a Barclay’s Mastercard instead. Looking for a new card now

  114. Credit card-banking lobbyists, Bank of America, Chase, Citigroup, Wells Fargo, Visa, Mastercard et al won’t like this: http://ow.ly/2M2T

  115. What’s wrong with credit card companies’ argument for higher interchange fees to fund frequent flyer rewards http://ow.ly/2MkU

  116. RT @geidas In addition to all the other fees, credit card banks charge merchants a 2% transaction fee on every purchase http://htxt.it/HTAW

  117. Take a second to help out WayTooHigh! Vote for them on Twibs at http://tinyurl.com/dldx7v

  118. Did you know that there are no electronic payment merchant interchange fees for check clearing?

  119. RT @NiamhD: I really hate when you check your bank account and the back have taken notified fees that you weren’t notified about…

  120. RT @crunchysue: @jnpdx The government is run by credit card companies, and is not trying to get us out of debt at all.

  121. RT @EFFIE325: @EVERYONE I’M ANGRY AT CREDIT CARD COMPANIES…THEY ARE RUINING ARE SCORES BY REDUCING OUR LIMITS PEOPLE COMPLAIN TO CONGRESS

  122. RT @SeanMiller: Does anyone else hate Bank of America? 8 Overdraft Fees? Now I’ve been on hold all morning. Sweet.

  123. @debs2005 – Like milions of retailers, ScanMyPhotos.com is forced to accept Visa and MasterCard (80% market power) 100% online biz is cc.

  124. Question for retailers: Credit card processing fees are too high because? Tweet your experience with interchange fees @wayTooHigh

  125. We’re a real company that is fed up with credit card fees; behind the scenes at ScanMyPhotos.com. – http://ow.ly/2YDi

  126. Banks Hike Fees Despite Bailout Billions; Consumers and Congressional Panel Ask Why #mastercard #visa http://ow.ly/2M0U

  127. Credit Card, Bank Fee Hikes Spark Outrage (ALICE GOMSTYN, ABC NEWS Business Unit) http://ow.ly/2M0G

  128. NACS: New Credit Card Fees ‘Beyond Outrageous’ (National Association of Convenience Stores) http://ow.ly/2LY7

  129. AARP Magazine: Protect Your Priceless Photos – Let a scanning company digitize your pics. It’s cheap and easy as can be – http://ow.ly/2YoL

  130. in 2008, Americans paid twice as much in interchange fees than in credit card late fees and three times ATM fees!

  131. “No rhyme or reason to credit card fees” [via Stephen Campbell, New Brunswick Business Journal] http://ow.ly/2Dk5

  132. Watch What Congress Needs to Know About Interchange Fees (via http://www.UnfairCreditCard…) http://ow.ly/2Gpj #banking

  133. Where are the Pro-Interchange Fee Bloggers and Tweets? http://ow.ly/2GnF #charge #retail #economy

  134. Annual hidden credit card interchange tax on American consumers has skyrocketed from $25 billion to nearly $62 billion http://ow.ly/2Gkg

  135. good days for consumers and retailers when Visa publicly expresses extreme disappointment: http://ow.ly/2nKe

  136. with signs of global economic metldown, how are Visa, MasterCard, banks maintaining soaring merchant interchange fees? http://ow.ly/2GiE

  137. Visa Inc. Warns of Multiple Threats to F’09, Among the many risks = penalties related to litigation settlements http://ow.ly/2Gi9

  138. Financial Services Committee Chair, Barney Frank said curbs on credit-card “abuses” are among his panel’s priorities. http://ow.ly/2XA3

  139. Chris Dodd, chair, Senate Banking Committee, said banks were using lax rules to “gouge” customers http://ow.ly/2Xy1

  140. Bank of America to Raise Fee on Credit-Card Transfers [Bloomberg, By David Mildenberg] http://ow.ly/2Xxl

  141. Credit Card Interchange Fees: Issues and Answers (Merchants Payments Coalition)

  142. About the Merchants Payments Coalition – http://ow.ly/2XqV

  143. Happy that credit card interchange issue is being noticed by Chris Dodd and D.C. helps establish his independence from banking industry

  144. RT @ThreeDegrees: I hate bank fees. #hate #bank

  145. Outrageous interchange fees cost Americans $2 for every $100 they spend – whether or not they use a credit card – http://ow.ly/2zQz

  146. RT @siriuslyheather: Damnit, how I hate bank fees! :((((((((((((

  147. The credit card interchange fee is the biggest hidden tax (~$60 bln) you’ve never head of, until now: http://ow.ly/2tDX

  148. Did you Know: The actual cost to transact an electronic payment is a tiny fraction of the total fees collected

  149. The credit card interchange fee = biggest tax you’ve never heard of. Nearly $2 of every $100 charged goes directly to credit card industry

  150. RT @highking1979: Credit Card companies have no business receiving bailout funds. They charge enough.

  151. Merchant interchange fees cover reward points for credit cards; when banks force cardholders to close accounts, NO REFUND of paid rewards

  152. Rescued Banks Not Passing the Bailout Onto Customers who face steep increases in rates (avg CC int rate up 12.4% – http://ow.ly/2VE3

  153. The U.S. Securities and Exchange Commission is reviewing if Bank of America Corp violated federal securities law http://ow.ly/2OBg

  154. This is the top ranked link from @WayTooHigh mastercard and Visa Tweets: http://ow.ly/2M35

  155. RT @Whynatte: The US Airways flight attendant literally spent 15 minutes trying to sell a VISA card to passengers over loudspeaker.

  156. Retailers are waging a no-holds barred campaign seeking government regulation of card acceptance fees and interchange. http://ow.ly/2TnX

  157. RT @SuziB777 So they are saying the economy is coming back please tell my bus. bank account isn’t seeing any comebacks,,,, higher more fees

  158. RT @LotsaNews: [CNN][ Bank fees on the rise: CNN’s Mary Snow reports on growing anger over rising interest ra.. http://tinyurl.com/dkzd9c

  159. RT @DebtLawyer: Credit card companies are inclined to settle with card holders who are experiencing a genuine financial hardship.

  160. Barclays Bank exclusive VISA Black card for THREE mln consumers = tool designed to generate HIGHER interchange fees http://ow.ly/2FLj

  161. It’s not often that the credit card industry faces a defeat in D.C. until now, watch video http://ow.ly/2lw5

  162. You know it’s a good day for consumers and retailers when Visa publicly expresses extreme disappointment: http://ow.ly/2DdJ

  163. not often that the credit card industry faces a defeat in D.C. until now, watch video http://ow.ly/2nKR

  164. Thanks to Twitter, retailers and consumers have instant updates in the war against Credit Card Cos; Visa, MasterCard and its member banks

  165. When Visa and MasterCard began, there wasn’t Twitter to provide instant updates on their anticompetitive price-fixing.

  166. Credit Card Companies Pushing Back Against Udall’s Reform Bill http://ow.ly/2SkX

  167. RT @ms_elyse: just watched this documentary on Showtime called Maxed Out about credit card companies and debt. Everyone should watch it

  168. RT @mikearama: @waytoohigh Credit card companies broken contracts http://tiny.cc/O57LE #credit #creditcards

  169. Capital One hiked customer rates that it once had guaranteed would forever remain at 4.9% fixed to 17.9% variable – http://ow.ly/2R1C

  170. in 2008, Americans paid twice as much in interchange fees than in credit card late fees and three times ATM fees!

  171. The credit card interchange fee = biggest tax you’ve never heard of. Nearly $2 of every $100 charged goes directly to credit card industry

  172. Merchants (consumers) are paying the interchange credit card fees, which includes funding reward points, but banks keep when accounts closed

  173. MasterCard: The Most Absurd Statement in the History of the Credit Card Industry? http://ow.ly/2Gnb #retail #ecommerce #banking

  174. Economic Crisis has no Pricing Impact on Interchange Fees #mastercard #visa #charge #bank http://ow.ly/2Gin

  175. If you’re a retailer paying credit card merchant interchange fees watch MAXED OUT – NOW ON DVD http://ow.ly/2GhB

  176. This Merchants Payments Coalition / UnfairCreditCardFees.com video explains why MasterCard and Visa are the new enemies http://ow.ly/2i3C

  177. Credit card companies are squeezing consumers in ways big and small – http://ow.ly/2R1a (consumer action)

  178. More college students run up credit card debt for tuition, books http://ow.ly/2R0N

  179. Mitch Goldstone, president & CEO, ScanMyPhotos.com (editor WayTooHigh.com) on Fox News (Jan 19) http://bit.ly/uYLAP

  180. “Visa, MasterCard, who continue to add on fees and rules… Stand Up to Big Banks, Fix Credit Card Interchange Fees!” http://ow.ly/2zQh

  181. Web100.com selected ScanMyPhotos.com (#16) for the Photo 100 list of the web’s best photography sites: http://ow.ly/2Oon

  182. RT @briana9: I hate Bank of America. 5 overdraft fees of $35/each in one day should not be legal!

  183. Merchants (consumers) pay interchange credit card fees, includes funding reward pts, but banks keep when accounts closed http://ow.ly/2FAp

  184. Barclays Bank exclusive VISA Black card for THREE mln consumers = tool designed to generate HIGHER interchange fees http://ow.ly/2FAf

  185. What exactly does “Interchange” credit card fees mean? – http://ow.ly/2Ahd

  186. Credit card-banking lobbyists, Bank of America, Chase, Citigroup, Wells Fargo, Visa, Mastercard et al won’t like this: http://ow.ly/2D8Z

  187. RT @Denrael: Growing List of Reasons to Lower and End Interchange Fees http://ow.ly/2DmF (via @WayTooHigh)

  188. RT @mcmilker: @WayTooHigh Thx for the retweet on banks!

  189. RT @MortTwain: @WayTooHigh I just watched this video outlining credit card company abuses. Everybody should see it! Sharpen your pitchforks

  190. This Merchants Payments Coalition / UnfairCreditCardFees.com video explains why MasterCard and Visa are the new enemies http://ow.ly/2BH4

  191. SEC reviewing if Bank of America violated federal securities law http://ow.ly/2OBb

  192. Congress can’t fix the financial services industry without reforming huge, hidden credit card interchange fees. #banking #congress

  193. Credit card companies won’t like this: http://ow.ly/2M2S

  194. Congress can’t fix the financial services industry without reforming huge, hidden Visa / MasterCard, member banks’ interchange fees

  195. DOUBLE TAXATION: MasterCard and Visa gift cards charge purchase fees ~$5.95 plus merchant pays interchange fees

  196. MasterCard, Visa and other bank card customers paid $14.6 billion in 2008 just in penalties http://ow.ly/2ODr

  197. The U.S. Securities and Exchange Commission is reviewing if Bank of America Corp violated federal securities law http://ow.ly/2OB2

  198. Are Visa and MasterCard illegally fixing the fees charged to merchants who accept their cards? #banking #credit

  199. Did Visa and MasterCard create a non-competitive environment in which businesses cannot negotiate for lower interchange rates? #credit

  200. More bad news for MasterCard, Visa and the banking industry: Minnesota court ruled in favor of Al Franken in his 2008 Senate race

  201. NY Times: Small-Business Owners Lobby to Cut Credit Card Fees – http://ow.ly/2GqC #MasterCard #Visa #banking #credit

  202. This is the top ranked link from @WayTooHigh mastercard and Visa Tweets: http://ow.ly/2M34

  203. “Massive cuts in idle consumer credit lines could equal hell for credit card processors like Visa and MasterCard” http://ow.ly/2Mt3

  204. RT @thewuzz: i hate banks and stupid bank fees

  205. Growing List of Reasons to Lower and End Interchange Fees http://ow.ly/2DmF

  206. MasterCard increased its network access and brand usage fee from 0.5 cents per transaction to 1.85 cents, a 270% increase http://ow.ly/2LYg

  207. Non interchange. win 1 for the entrepreneur, ScanMyPhotos.com named #16 – Web100.com Top 100 photography-themed websites http://ow.ly/2MxZ

  208. “two-pronged battle sucking the life out of the credit card industry” http://ow.ly/2MtO

  209. More Reasons to Worry About Credit Card Companies (Morgan Housel, Motley Fool) http://ow.ly/2Mst

  210. Congratulations to United States Senator-elect Al Franken

  211. Good bye credit card Interchange Fees!!! Court ruled in favor of Al Franken, one less (R) Senator

  212. More bad news for MasterCard, Visa and the banking industry: Minnesota court ruled in favor of Al Franken in his 2008 Senate race

  213. Breaking News: Franken Declared Leading Vote-Getter in Minn. Senate Race

  214. What’s wrong with credit card companies’ argument for higher interchange fees to fund frequent flyer rewards http://ow.ly/2Mku

  215. @WayTooHigh edited by Mitch Goldstone, pres & CEO, ScanMyPhotos.com. Blog launched in ’05 http://www.WayTooHigh.com http://ow.ly/2MeD

  216. Visa and MasterCard, two ‘competitors’ announce price increases of nearly 300 percent at the same time in a recession? – http://ow.ly/2LYx

  217. Are Bank of America and Citicorp planning another fee hike and trying to get it done before the new legislation? Is it retroactive?

  218. Bailed-Out Banks Face Probe Over Fee Hikes – MSNBC http://ow.ly/2MdY

  219. Visa, MasterCard credit card interchange fees are excessive and abusive, but their 80% market power = don’t care

  220. Visa and MasterCard’s fees MUST be stopped. Now that the U.S. Taxpapers own banks, interchange should disappear

  221. Did you know, when you use your debit Pin-based card as a credit card, your funds are removed just as fast, and retailers pay MORE

  222. Q: Why hasn’t MasterCard, Visa, Chase, CitiGroup, BofA, etc… not been shut down for collusion and credit card price-gouging. A: Dunno

  223. Merchants: Socked by Credit Card Fees They Can’t See http://ow.ly/2M1C. Follow along on our 4-year blog: http://www.WayTooHigh.com

  224. Merchants: New Yorkers Socked by Credit Card Fees They Can’t See http://ow.ly/2M1u

  225. complaints about bank fee spikes have prompted the Congressional Oversight Panel to launch a probe into the issue.

  226. Banks Hike Fees Despite Bailout Billions; Consumers and Congressional Panel Ask Why #mastercard #visa http://ow.ly/2M0S

  227. Credit Card, Bank Fee Hikes Spark Outrage (ALICE GOMSTYN, ABC NEWS Business Unit) http://ow.ly/2M0y @WayTooHigh

  228. RT @MuchMoreThanMom: RT @tommytrc BoA Hikes Rates On Millions Of Credit Card Customers [Bank Of America] http://tinyurl.com/dkp5oe

  229. RT @loupnoir: Rt @CReporter RT @consumersunion: BofA coy about how many got letter re big credit card rate increase. http://bit.ly/3GNfqF

  230. Using Twitter as forum to humanize and as advocacy channel in battle against Visa, MasterCard credit card fees #banks #credit WayTooHigh.com

  231. innovations in electronic payments should increase effeciencies and lower fees, that’s how non-monopoly cartels work

  232. NACS: New Credit Card Fees ‘Beyond Outrageous’ (National Association of Convenience Stores) http://ow.ly/2LY2

  233. U.S. Senator Christopher Dodd, @SenChrisDodd, U.S. Senate Committee on Banking, Housing, and Urban Affairs is following @WayTooHigh

  234. David Buckner faints on Glenn Beck’s show – Fox Network News – Watch video. JUST IN… http://ow.ly/2LRi

  235. Banks are like drug dealers – they can’t resist Interchange profiteering; leading to billions in toxic creditcard debt : U.S. is bailing out

  236. Avg. American household paid $427 in credit card interchange fees last year. Total interchange fee revenues have tripled since 2001.

  237. Chase added a $10 monthly fee and increased the minimum payment from 2% to 5% for those who carry a large balance.

  238. Other credit card fee reforms are necessary, but don’t forget about the ~$60,000,000,000 interchange tax on businesses / consumers

  239. “A Quiet Windfall For U.S. Banks” (via Washington Post, Amit R. Paley) – http://ow.ly/2Gjk #credit #banks #mastercard #visa