Debit-card fees?
On March 3, thousands of credit union members warned that a cap on fees banks collected from merchants will force the card-issuing credit unions and banks to abandon free checking, eliminate rewards programs, and impose annual fees. However, a week later, many small business owners refuted those claims. In fact, retailers say that the Federal Reserve proposal will help lower retail prices while preventing card issuers from profiting at the their expense.
This most recent brawl over money is not new to Washington D.C., and the combatants in this instance are principally the big banks and big businesses. That said, there is Sixteen billion dollars in annual revenues at stake. This figure is based on what merchants are currently turning over to banks (at an average of 44 cents per card swipe).
To read more on this article, visit The Brawl Over Debit-Card Fees.
For more information on business and personal finances, please contact Wood, Atter & Wolf, P.A., in Jacksonville and Ponte Vedra Beach, Florida.
