Senate Votes to Let the Federal Reserve Limit Fees that Merchants Pay on Debit Cards

The Senate votes to let the Federal Reserve limit the fees that stores pay banks each time a shopper swipes a debit card. It’s a victory for merchants in a long-running lobbying fight with banks.

“Credit and debit card swipe fees cost the average American household $427 per year.”
— Mallory Duncan, National Retailers Association

Other fees will rise with the loss of the interchange …
“Millions of consumers that barely have the means to access banking services are going to be hurt” because community banks will have to make up for the lost revenue.
— Camden Fine, Independent Community Bankers Association

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