Latest Developments | Unfair Credit Card Fees

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EU could teach US in regulating credit card fees
Apr 29 2014

The U.S. has long lagged other countries in ensuring the fees are fair to merchants and consumers. The European Parliament, on the other hand, approved a 0.3-percent cap on swipe fees. Members of Parliament also put a seven-Euro-cents cap on debit card transaction, or 0.2 percent of the transaction value, whichever is lower.

Retailers Urge Appeals Court to Make Federal Reserve Follow the Law
Jan 17 2014

Lawyers for retailers across the country today urged a federal court to uphold a ruling that the Federal Reserve ignored the debit-card law passed by Congress and let banks gouge merchants every time a customer uses a debit card.

Report on Activities Related to Section 1075 of the Dodd-Frank Act
Dec 24 2013

Small banks and credit unions exempted from charging lower swipe fees on debit cards have not been harmed by debit card reform legislation and are charging more in debit card swipe fees than their competitors.

The Kansas City Federal Reserve Report: The Impact of Debit Card Regulation on Checking Account Fees
Dec 16 2013

Ever since the idea of debit swipe fee reform came to the fore, the banking industry has been peddling doomsday scenarios about how lower caps would negatively impact consumers. It would, they argued; mark the end of free checking accounts. But a new comprehensive report just released by the Kansas City Federal Reserve has punctured that claim, exposing it as nothing more than a bogus and idle threat.

Settlement in Credit Card Swipe Fee Litigation
Dec 14 2013

The U.S. District Court for the Eastern District of New York approved the proposed settlement in the long-standing class action suit brought against Visa, MasterCard and several large banks over credit-card acceptance rules and fees.

The Economic Effects of Recent Regulation of Debit Card Interchange Fees
Oct 1 2013

Study finds cutting debit fees put $5.8 billion in consumers’ hands in 2012 and supported the creation of 37,501 new jobs annually.

Unfairness of Swipe Fees
Nov 29 2012

With growing credit-card use by American consumers, the ever-increasing hidden "swipe" fees imposed by the banks and processors have become a drag on our economy, and need to be reined in.

Now it’s time to look at credit card swipe fees
Nov 20 2012

For every credit card transaction at a restaurant, retailer or other merchant, banks and credit card companies collect a percentage of the total bill, costing merchants approximately $50 billion a year.

Swipe Fees: The Hidden Tax the Candidates Never Discussed
Nov 18 2012

Even though swipe fees are invisible to consumers, they result in higher prices, even for those who mostly pay with cash and rarely use a card.

NACS, Others to Appeal Preliminary Swipe Fee Settlement Ruling
Nov 13 2012

A majority of the 19 named plaintiffs have indicated that they will ask the U.S. Court of Appeals for the Second Circuit to deny preliminary approval due to the legal defects in the proposed settlement.

The Power Of Plastic
Nov 12 2012

Fees we are now charged for using plastic far exceed the actual costs. They reflect the market power of a financial oligopoly.

Comic
Apr 1 2009

"Funnies" brought to you by the greedy and irresponsible behavior of Visa, MasterCard, and the Big Banks!

Small-Business
Nov 13 2008

Small-Business Owners Lobby to Cut Credit Card.

Congress Introduces ‘Credit Card Fair Fee Act’
Mar 7 2008

Congress Introduces 'Credit Card Fair Fee Act,' legislation that for the first time deals with the biggest credit card fee of all - the interchange fee, which grew to $36 billion in 2006.

Credit Card Interchange Fees: Issues and Answers
Oct 1 2007

Credit Card Interchange Fees: Issues and Answers - A Report to the House Judiciary Committee Antitrust Task Force Prepared by the Merchants Payments Coalition, Inc.