Apr
12

Big Banks are Challenged

The lobbying power of big banks is being seriously challenged by an alliance of big retailers. The issue; the Durban amendment lowering interchange fess that banks collect when anyone buys anything with a debit card. Retailers pay the fee but pass it on to consumers. The fee averages $.44 and is as high as $.98. These fees add up to $17 billion annually. The interchange fee for checks is 0. Go big box stores!

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