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The NRF pushes for lower debit card swipe fee cap

  • The National Retail Federation asks an appeals court to uphold the ruling of a lower court that the Federal Reserve set the cap on debit card swipe fees too high.
  • Consumer groups and retailers support a lower cap while Visa (V +1.5%) and MasterCard (MA) favor the current system.
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Comments (2)
  • Rootarmo
    , contributor
    Comments (363) | Send Message
     
    Holy cow give me a break - like the consumer is going to see a single penny of any savings these retailers get.
    17 Jan 2014, 01:21 PM Reply Like
  • RossCWesner
    , contributor
    Comment (1) | Send Message
     
    As a small business owner whose business does many small credit/debit transactions this is welcome news. Some of the rewards cards cost us up to 48 cents per swipe and if you are purchasing a small coffee at $1.65 that pretty much eats up any profit. Lower swipe fees will allow us to keep lower prices instead of passing the swipe costs to the consumer.

     

    Ideally we would prefer all cash transactions since there are no bank fees we have to pay, and for the consumer.....no one is going to steal your PIN or card info when you use cash for small purchases. Identity theft is one crime when both the merchant and the victim get the short end of the stick. In 2013 we had about $1400 worth of fraudulent purchases made with cloned cards, stolen cards and stolen identities. Neither the banks or credit card companies will reimburse the business for these crimes and losses.
    19 Jan 2014, 01:20 PM Reply Like
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