Judge scolds Fed for its inaction on credit card swipe fees

  • Article by: Jim Spencer , Star Tribune
  • Updated: August 14, 2013 - 9:27 PM

Federal judge ruled two weeks ago that transaction charges had abused Congress’ intentions.

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bblheadAug. 14, 13 9:14 PM

Of course financial institutions will fight any payback. They have been ripping us off for years and find every way they can to charge fees. Think about it - businesses pay a fee every time they make a deposit - that's putting money in the bank, not taking it out, check fees, transfer fees, and anything else they can think up. They pay nothing for interest on savings and CDs, but always make their money back on loans - and then some. You pay back about 4 1/2 times what you borrow for a house. Not a bad return, huh?

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upnorth85Aug. 14, 13 9:59 PM

The fed are independent and a federal Judge can not take up Fed's power to regulate banking. I think the Judge is out of his league here.

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IHATELOGINS0Aug. 14, 1310:22 PM

Another fine example of CORPORATE GREED. Where does good and fair profits stop and fleecing every possible penny out of customers begin? How much is enough?

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ryanolAug. 15, 13 8:21 AM

This isn't about stopping"fleecing every possible penny out of the customer" this is about whether the banks or the retailers get to shear the wool.

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rnvhillAug. 15, 13 9:16 AM

Remove the limits on the fees BUT make them a separate line item on the customer receipt if and when a card with a fee is swiped. Now the customer chooses to pay the fee or pay in cash and the card issuers can compete for business via the fees they charge.

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