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Posted on May 13, 2010 | tags

 
 

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
  • » 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.
 
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