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Senate goes back-and-forth fighting over debit card fees

  • 44¢ the average cost of debit card interchange fees to merchants; this should make you feel guilty every time you go to 7-Eleven, because that cuts into profit margins heavily
  • 12¢ the limit that the Feds plan to impose upon banking companies about this matter; this is a $16 billion/year business, and banking companies are fighting to protect it source

» A fight that directly affects small businesses: We’ve been to many small businesses in our day that have gone out of their way to avoid using debit cards, specifically for this reason. We’re with them in this case; really high charges for every purchase, even tiny ones, is straight up greedy. Fortunately, a key senator, Dick Durbin, agrees with us: ”Honestly, are we going to stand here and say we can’t protect small businesses across America struggling to survive?” The fight for keeping the fees has bipartisan support; the main guys backing banks in the Senate are Bob Corker (R-TN) and Jon Tester (D-MT). They claim that banks will have to replace the interchange charges with higher fees on consumers. Maybe they should; the benefit to small business as an economic driver makes it worth it.

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June 8, 2011 // 11:21 // 3 years ago
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19 notes from really cool Tumblrs like ours. Click to read.

  1. seldo reblogged this from shortformblog and added:
    The economic benefit to banks of charging so much to use debit cards is greater than the fees themselves; costly debit...
  2. colonel--dog reblogged this from shortformblog and added:
    I LIKE supporting smaller businesses and I rarely carry cash anymore (which is a pain at conventions). I’m all for this.
  3. trollnexus reblogged this from shortformblog
  4. thegreatest said: We already pass this “convenience charge” to our customers in the form of a .50 fee to use their credit/debit card for purchases. They can always pay cash to avoid it. No complaints so far.
  5. theamericanbear reblogged this from shortformblog
  6. shortformblog posted this