Posts Tagged ‘Dodd-Frank’
Swiped Away
Due to Dodd-Frank, the Fed capped fees merchants pay credit card companies (CCCs) on debit cards (DCs) to about 21 cents from about 44 cents. When the fee was 44 cents, CCCs often reduced DC fees on small transactions; less than $5 or $10. Because the fee was lowered, CCCs now want the full 21…
Read MoreBig 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.…
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