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Banks come out swinging against new federal regulations on swipe-card fees

Congress has already passed a law curtailing the fees banks receive each time a debit card is swiped, and the Federal Reserve has drafted new regulations governing the details of the transactions.

But for a banking industry ready to scrap for every penny, the fight is far from over.

At stake are billions of dollars in revenue, and banks say the potential losses under the new federal rules already are prompting them to scale back popular consumer perks such as free checking accounts and debit card reward programs. They have sent letters to lawmakers and filed comments with the Fed. And in a hearing Thursday before a House subcommittee, they plan to ask Congress to delay implementing the new system or repeal it altogether.

http://www.washingtonpost.com/wp-dyn/content/article/2011/02...



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On one hand, I want the banks

On one hand, I want the banks to pay dearly for what they've taken. 3.3 trillion from the Fed, QEs 1-infinite, TARP, corporate welfare, etc.

On the other, well, this is a very non-free market legislation.

Plan for eliminating the national debt in 10-20 years:

Overview: http://rolexian.wordpress.com/2010/09/12/my-plan-for-reducin...

Specific cuts; defense spending: http://rolexian.wordpress.com/2011/01/03/more-detailed-look-a

fireant's picture

Let 'em charge what they want.

Gubmint interference will simply cause the industry to spend unproductive money looking for new profit centers. They'll get the money somewhere else at our expense. If the fees for using debit cards are too high, the market will correct; people will stop using them.

Undo what Wilson did

People aren't nearly smart

People aren't nearly smart enough.

Plan for eliminating the national debt in 10-20 years:

Overview: http://rolexian.wordpress.com/2010/09/12/my-plan-for-reducin...

Specific cuts; defense spending: http://rolexian.wordpress.com/2011/01/03/more-detailed-look-a

fireant's picture

So now we have to have mommie gubmint because people are

ignorant? bs. Let them get taken. I'll just not use the cards.

Undo what Wilson did

I hope they get hit hard with this one

As a small business owner I have worked to move as many
customers to cash and check as possible.
The banks want us to think that these debit cards are like cash transactions. If that were the case how come I get charged as a business owner for accepting cash.
This is fee I would love to see erased.
If they raise credit card fees to compensate, I will probably pass that fee onto costumers or refuse service.

Humility is the cornerstone of a Warriors Strength.

This will make them raise the

This will make them raise the fees to the small merchants who take credit cards. I already pay 3% of every sale which includes 3% of the 12.625% sales tax the state charges, and I never see. Plus a small statement fee every month. This is not good.

12 + percent tax ?

Where the hell are you? Let me know so I do not purchase anything in your state or make travel plans to visit there.

I prefer a dangerous freedom over a peaceful slavery. Thomas Jefferson