Hey Bill, the current average swipe fee on a debit card is $0.44 on an average retail transaction of $38. The FED proposed $0.12 fee and after the banking industry cried foul, even though banking debit card swipe costs for the banking are estimated at $0.03, the FED revised its proposal to $0.20. What are you crying about? Any business in the Universe would love those margins!

I'm sure the Fed is greatly relieved. TCF openly admitted that a critical component of their business is fees and penalties; two things that shouldn't be vital to any banking business.

I would prefer more of the money from my purchases stay with the merchant I am does business with. Not greedy bankers who sit back and get fat.

TCF should quit while it is still ahead, somewhat. They are luckey the fees in the 20 cent range were approved. This whole process by the government is a positive step in the direction of more appropriate treatment and respect for consumers. TCF Bank is one of the more egregiuos players in the excessive fee marketplace, and a large portion of their profits derive from these practices. Combining excessive fees and high interest rates, banks and their credit card company partners take more than $250 billion per year from consumers that could be better spent on the necessities of life for most of these folks. Perhaps Bill Cooper of TCF, an outspoken critic of repectful treatment of banking consumers, could hire Sheila Bair, now leaving the FDIC under banking industry pressure, to help him develop programs more ethically suited to providing fair value, good service and quality offerings for his customers.

TCF is no longer a Wayzata based bank. The turkeys moved their official headquarters to South Dakota to take advantage of the same loose banking laws that the credit card companies use.

I'm thinking TCF dropped the legal action because they found another way to make a profit. They had virtually no chance of winning this in the first place.

As I read the comments, I see one thumbs down for each one. Bill Cooper must be reading...

Update -- I stand corrected, the FED will allow fees to be $0.24. Banks/corporations have too much power and influence in this country.

The latest version of the Fed’s final debit interchange rule has not changed much. It is still good news for retailers and bad one for issuers. It is also still bad news for consumers who are already feeling the rule’s side effects, even before it has taken effect. Anticipating lower revenues, banks have begun creating new or expanding existing revenue sources. As a result, free checking accounts are going away, new bank fees are being introduced and old ones increased, interest rates are being hiked, rewards are being slashed, etc. So the damage to consumers is already done and it will not be reversed, even if the Fed eventually decided not to change the interchange status quo after all. What we have here is a government-mandated redistribution of revenues from one industry to another, something it has no business doing. http://blog.unibulmerchantservices.com/debit-card-fee-limit-lifted-to-24-cents-consumers-will-still-pay-for-it