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Final Fed Debit Card Draft Less Costly To Banks

Wednesday, June 29, 2011 - 2:21 PM
 the Fed will vote to cut fees that retailers pay to accept debit-card payments to 21 cents, plus a conditional charge of a penny and 0.05% of the transaction value for fraud prevention. On the average debit transaction of $38, the Fed's proposal would have retailers pay 23.9 cents. ...The new fees would go into place in October.

http://www.marketwatch.com/story/final-fed-debit-card-draft-less-costly-to-banks-2011-06-29-1518100?link=MW_pulse

 



3
mariafaltermariafalter57 posts since
Jun 6, 2010
Rep Points: 222
1. Wednesday, June 29, 2011 - 2:57 PM
Fed meeting in progress now as of 3:50pm EDT @

www.ustream.tv/federalreserve
1
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,077
2. Wednesday, June 29, 2011 - 3:33 PM
Looks like all that lobbying worked out well for banks.

The American Bankers Association scored a victory today when the Federal Reserve  agreed to increase the amount banks can collect from merchants each time a consumer swipes his debit card from its original proposal.

Originally, the so-called Durbin amendment called to cap what are known as the interchange fees that banks charge retailers at 12 cents per transaction but the Fed announced today that it would up that amount to 21 cents. Banks could also take an additional 1 cent per transaction fee if they adopt fraud prevention policies and procedures.

The new fees would go into place in October. The regulation was previously scheduled to take effect on July 21.

Read more > Forbes
3
WhataBummerWhataBummer413 posts since
Oct 15, 2010
Rep Points: 1,702
3. Wednesday, June 29, 2011 - 5:56 PM
Just finished this blog post on this final rule.
1
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,077
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