A letter to the editor can be a great way to personalize this complicated issue and show how important it is to local merchants. We are encouraging supporters to use the letter below as a template to draft your own letter to the editor to submit to your local paper.
Most newspapers allow you to submit letters online under the “Opinion” tab of their website. It is an easy process—and you could wind up as a published author that makes a huge difference in the fight for swipe fee reform.
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To the Editor:
Every time I use a debit or credit card to buy groceries or a restaurant meal, part of what I pay goes back to the bank and credit card companies. Yes, that’s right, they get a “fee” to let me access my own money on top of the fees I already pay for my card and my bank account!
Most people have no idea this fee exists. It’s not listed on your card, your bill or in any of the fine print. Luckily, Congress has reformed debit swipe fees to make sure big banks and credit card companies can’t keep raising the fees for no reason.
But the big banks and their lobbyists don’t like the idea of merchants and consumers keeping more of their hard-earned money. They want to keep raising fees which have already tripled in the last ten years.
What the big banks don’t seem to understand is how important it is for our economy that swipe fees be fair, reasonable and proportional to what it costs them to process the sale. American families are paying more than $400 every year in swipe fees that get included into the price of nearly everything we buy. That’s $400 a year that we can’t use to pay the rent, buy groceries, clothes or other goods and services.
Swipe fee reform is good for consumers because it will put money back in our pockets. Its good for small businesses who will see lower costs and customers with more money to spend. Reforming debit fees was a good first step. Now Congress needs to look at reforming credit card fees too.