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
- unbanked Prepaid Debit Cards Are Not Quite As Terrible As They Used To Be
- tapping into the market Banks Trying To Attract Customers With Products To Reduce, Repay Student Loans
- taking a final stand New Campus Banking Rules Hope To Protect Students From High Prepaid & Debit Card Fees
- that's a lot of revenue Banks Turned Account Overdraft Fees Into $11.16B In Revenue Last Year