The Fed told Congress yesterday that it might rethink the plan to cap debit card swipe fees at 12 cents per swipe. One of the hopes is that merchants would be able to pass on the reduced costs to consumers in the form of lower prices. Lawmakers piled on in the hearing, saying that it would “batter banks still reeling from the 2008 financial crisis.” How banks can both be posting soaring profits and still be “battered” and reeling is an accounting trick way over my head.
Fed Might Rethink Capping Debit Card Swipe Fees
By Ben Popken February 18, 2011
- swipe out Retailers Tell Fed: Debit Card Swipe Fees Are Still Too Dang High
- swipe out Appeals Court Resurrects Fed’s Debit Card Swipe Fee Limits
- swipe out Supreme Court Refuses To Hear Retailers’ Complaints About Debit Card Swipe Fees
- the fight goes on Walmart Slaps Visa With $5B Lawsuit For Allegedly Fixing Card Swipe Fees
- Overdraft Gotchas CFPB Report: Typical Overdraft Situation Is Comparable To Small-Dollar Loan With 17,000% Interest Rate