0 votes

The Fed Proposes a $0.21 Swipe Fee for Debit Cards & Visa Stock is up 11%

WASHINGTON — The Federal Reserve is poised to limit the fees that banks can charge retailers for swiping debit cards to 21 cents, a higher cap than initially proposed.

Banks succeeded in convincing the Fed that its initial cap of 12 cents was too low after six-month lobbying blitz. They currently charge retailers an average of 44 cents per swipe.

The Fed will formally adopt the rule Wednesday. It takes effect Oct 1, later than expected.

http://www.msnbc.msn.com/id/43581914/ns/politics/



Trending on the Web

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

This is excellent!

Logic says that with higher credit card fee's the free market would tend to shy away from CC transactions and shift to more cash-transactions.

If we all used cash the economy would be better off, more physical units of exchange in circulation will lead to more goods exchanged. I think this is a + for our economy.

I reserve the right to govern myself.

Michael Nystrom's picture

Those pennies add up

.

Wall street is in control. They forced the Fed to back off. Wall Street wins, main street loses.

(again)

The only way to make sense out of change is to plunge into it, move with it, and join the dance. - Alan Watts

The Fed hands banks a win with debit card rule

Banks might have lost the broader war over debit-card fees, but they scored a small victory Wednesday when the Federal Reserve proposed a fee less severe than originally intended.

The central bank’s decision brought to a close a long and contentious lobbying battle on Capitol Hill.

Under the newly approved rules, the Fed capped the amount banks can charge businesses for swiping debit cards at a base of 21 cents per transaction — a substantial boost from the seven- to 12-cent cap originally proposed by the Fed in December.

http://thehill.com/blogs/on-the-money/banking-financial-inst...

Follow me on Twitter for breaking news from a libertarian perspective

www.twitter.com/AbolishTheFed

Fed Reserve Swipe Fee? Privateers? Have they no shame?

December, 2010. 7 to 12 &cent proposed transaction swipe. - The Fed.

June, 2011. 21 &cent fee sticker shock! A swipe. A steal. A theft. Condoning 300% rise in swipes... From proposal to rule in 6 months, 300%? Whilst said same racketeers produce nary an honest inflation report - The Fed.

Why are privateers running a cartel? Banker association? Dictating machine? --- Have they no shame?

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

YET ANOTHER TAX! Watch

YET ANOTHER TAX! Watch merchant's retail prices riiiiise..

absolutely, the cost will be

absolutely, the cost will be passed ultimately to the consumers, what else to be expected?

Swipe this !!

Sorry, I couldn't help it.

"Its easier to fool people than to convince them that they have been fooled."
Mark Twain

A lot of people...

...are amazed that we (our retail store) get charged for when they use debit or credit cards.

Then I always say that cash is the currency of Freedom, so please support Freedom when you visit Ma&Pa shops.

THE MORE I LEARN ABOUT GOVERNMENT
THE MORE I LOVE MY GUNS
FourWindsTradingPost

If the maze were removed from what is called a financial system?

An astonishment! What would be left?

Unmazed.

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

21¢ Swipe Fee? Steal small change? Audacity of little hope?

The Fed is now going to charge you a fee to swipe from you?

Why do we gift them all their Legal Tender Fed Reserve Notes?

Now, 98 years into their racket, they swipe another 21¢ ? Is this the Audacity of small change? Little hope?

Why such petty theft?

Fed Inflates Itself Beyond "Alice in Wonderland" ... $2 Quadrillion Mark Twain 02/24/2011

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

The Fed Protects

The Fed Protects Consumers--remember that!!

Follow me on Twitter for breaking news from a libertarian perspective

www.twitter.com/AbolishTheFed

The Fed dual mandate: "Legal Tender " & Unemployment.

Apparently, they create a lot of both.

On protecting the Fed: "These allegations are bizarre!" Uncle Ben, 2010. Protecting The Fed, by hook or crook.

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul