Federal Reserve fights ruling on debit card fees

  • Article by: Jim Spencer , Star Tribune
  • Updated: August 21, 2013 - 9:06 PM

Despite a judge’s ruling, Federal Reserve won’t put lower limits on the fees while its appeal is heard.

  • 8
  • Comments

  • Results per page:
  • 1 - 8 of 8
wiseoracleAug. 21, 13 5:44 PM

Why doesn't the judge thow them in jail for contempt of court? Thats what they'd do to you or I, if we just flipped off a judge like that! Every day it seems... more things are running amock!

11
2
fwallenAug. 21, 13 6:18 PM

We sold our retail stores that were profitable. A major factor in getting out of business was the fees paid to banks and card companies. Every month we'd get bills for thousand of dollars, and customers think nothing of using the cards for very small purchase, often saying, " I need my miles".

9
2
IHATELOGINS0Aug. 21, 13 7:37 PM

Nothing but pure greed from giant companies. The cost to process a transaction at the volumes seen today is at an all time low yet fees have gone up 234% - totally disgusting! How much is enough?

7
1
fwallenAug. 21, 13 7:47 PM

We sold our retail stores that were profitable. A major factor in getting out of business was the fees paid to banks and card companies. Every month we'd get bills for thousand of dollars, and customers think nothing of using the cards for very small purchase, often saying, " I need my miles".

1
2
princess36bAug. 21, 13 7:53 PM

Merchants have kept the lower debit fee savings vs passing them onto consumers via lower prices. If merchants don't like paying the fees, don't accept credit cards. Can any of you honestly say you have paid less for soemthing since this law passed?

3
3
bblheadAug. 21, 13 9:17 PM

Sadly, many people no longer carry cash. The result is swipe fees. When a store pays the swipe and % fees, they reduce their profits. If you are a small retailer, your profits are already low. Ultimately, it's the small stores that get hurt. Credit card companies are already vampires in my opinion. They want people to be in debt. The original purchase isn't how they make their money, it's the compound interest. Swipe fees are just frosting on the cake.

6
1
sarahanneAug. 21, 13 9:47 PM

The risk to Visa is so much smaller when a debit card then with a credit card. With a debit card there is a payment immediately as with a credit card payment is when the purchaser pays at the end of the month. So I can understand 21 cent charge to protect themselves from non-payment.

0
7
sek2undrstndAug. 21, 1311:17 PM

I agree Sarahanne and, therefore, the amount the banks charge the merchant in swipe fees for a DEBIT card should be at cost. Nothing more, nothing less.

3
1
  • 1 - 8 of 8

Comment on this story   |  

ADVERTISEMENT

Connect with twitterConnect with facebookConnect with Google+Connect with PinterestConnect with PinterestConnect with RssfeedConnect with email newsletters

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT