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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.

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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] Chase limits debit card use for customers at risk in Target breach: http://www.prisonplanet.com/chase-limits-debit-card-use-for-customers-at-risk-in-target-breach.html

[3] 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

[4] Under Texas Bill, Cops To Collect Traffic Fines On the Spot Via Credit or Debit Card: http://www.prisonplanet.com/under-texas-bill-cops-to-collect-traffic-fines-on-the-spot-via-credit-or-debit-card.html

[5] 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

[6] 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

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