- Prison Planet.com - http://www.prisonplanet.com -

Court sides with retailers, goes against Fed rule on debit card fees

Posted By julie wilson On August 1, 2013 @ 11:50 am In Tile,U.S. News | Comments Disabled

A judge overturned a Federal Reserve rule capping debit card fees that banks collect from merchants

Katerina Sokou
Washington Post [1]
August 1, 2013

A U.S. district court on Wednesday overturned a Federal Reserve rule capping the debit card fees that banks collect from merchants.

The judge ruled that the Federal Reserve improperly set the caps too high after an extensive lobbying campaign by the banking industry. Under the rule, banks can charge retailers as much as 21 cents a transaction.

The court ruling was a victory for the many retailers that had complained that the cap on the interchange fee, or “swipe fee,” is too high. Retailers have argued that consumers will benefit from a lower fee because these costs are sometimes passed on in the form of higher prices.

Read More


Article printed from Prison Planet.com: http://www.prisonplanet.com

URL to article: http://www.prisonplanet.com/court-sides-with-retailers-goes-against-fed-rule-on-debit-card-fees.html

URLs in this post:

[1] Washington Post: http://www.washingtonpost.com/business/economy/court-sides-with-retailers-goes-against-fed-rule-on-debit-card-fees/2013/07/31/4f9317ca-fa16-11e2-a369-d1954abcb7e3_story.html?hpid=z4

[2] Bank Fees? Let’s Tell The Banksters That We Don’t Want Their Stinking Bank Fees And That We Are Switching Banks: http://www.prisonplanet.com/bank-fees-let%e2%80%99s-tell-the-banksters-that-we-don%e2%80%99t-want-their-stinking-bank-fees-and-that-we-are-switching-banks.html

[3] Public Outrage Prompts Bank of America, Wells and Chase to Rethink Debit Fees: http://www.prisonplanet.com/public-outrage-prompts-bank-of-america-wells-and-chase-to-rethink-debit-fees.html

[4] Supreme Court to rule on age of “Big Brother” surveillance: http://www.prisonplanet.com/supreme-court-to-rule-on-age-of-big-brother-surveillance.html

[5] Court of Appeals Sides with Monsanto Over Organic Farmers: http://www.prisonplanet.com/court-of-appeals-sides-with-monsanto-over-organic-farmers.html

[6] Judge Sides With GATA, Orders Fed To Present Her With Its Classified Gold Records For Private Review: http://www.prisonplanet.com/judge-sides-with-gata-orders-fed-to-present-her-with-its-classified-gold-records-for-private-review.html

Copyright © 2013 PrisonPlanet.com. All rights reserved.