Big Banks are Challenged
04/12/2011 | | Big Banks, Big Box Stores, Big Retailers, Debit Cards, Dodd-Frank, econ70.com, Elliot's Blog, Graphsandlaughs.net, Interchange fees, Lobbying
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!