Lower fees
News from WatertownDailyTimes.com:

A question of who will benefit

MONDAY, JUNE 13, 2011

Retailers prevailed over bankers in a Senate vote Wednesday on whether to delay mandatory reduction “swipe” fees banks charge for use of debit cards.

New rules from the Federal Reserve under last year’s Dodd-Frank financial regulation legislation caps fees at 12 cents per transaction, effective next month. The fees now average 44 cents. Individually it is a few pennies but adds up to $ 16 billion in annual revenue for the 38 billion times consumers use their debit cards.

Retailers have complained that the higher fees drive up their prices and siphon off revenue that they could use to hire new workers in a bad economy. The banks see the fees as…………… continues on WatertownDailyTimes.com

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