Biz, U.S.: The Senate wants to take the bite out of debit-card “swipe fees”
- 64 senators voted to add the amendment to the financial reform bill
- 65% of debit transactions
will be affected by
the changes - yes the bill will allow incentives for those who pay with cash source
- ยป The addition, explained: Banks and other financial institutions charge fees for consumers to use debit cards. The fees aren’t significant for big-ticket retail chains but can hurt the bottom line of small businesses or those that specialize in selling lots of inexpensive items (say, 7-Eleven or McDonald’s). These fees can get passed down to the consumer as a result. The bill limits how much those fees can be, but leaves exceptions for banks with less than $10 billion in assets. Credit unions, by the way, are complaining loudly about these changes, in particular.