THE BIGGEST BANK FEE YOU’VE NEVER HEARD OF
- Merchants Urge Congress to Protect Debit Reforms
- Read These New Fact Sheets on How Debit Reform Has Opened a Rigged Market for Small Retailers and Saved Consumers Billions
- In Their Own Words: Small Main-Street Merchants Tell How Swipe Fees Keep Them From Hiring and Expanding
Every time you swipe a credit or debit card, your bank takes a bite out of your payment. In fact, these hidden swipe fees cost Americans more than all credit-card annual fees, cash- advance fees, over-the-limit fees and late fees combined.
Did you know:
- Merchants pay $80 billion annually in swipe fees, most of it a windfall for the banks
- Between $2 and $4 on every $100 spent using a credit card goes to the banks, even though it costs only a few pennies to process the transaction. In many cases, the swipe fee is higher than what the merchant earns on the sale
- These fees drive up the prices for everything from gas to groceries, costing the average family more than $400 every year
- U.S. swipe fees are among the highest in the world; 7 times higher than the standard European rate even though there is higher volume and low technology costs here
- U.S. swipe fees are more than 4 times larger than in Australia
- Credit card swipe fees have tripled since 2004 despite technological improvements that have driven down the processing costs
- For most merchants, swipe fees have become the second-highest operating expense after labor
The U.S. has long lagged other countries in ensuring the fees are fair to merchants and consumers. The…
Unfair Fees In The News
Congress picks free markets over stuffing big banks’ coffers
10-Jun-2017 – Washington Examiner
Thank You, Congress, for Siding With Consumers and Small Business
9-Jun-2017 – Morning Consult
Local retailer explains why saving debit-card reform is crucial to his business, your wallet
6-Jun-2017 – The Hill
Banks want higher debit-card ‘swipe fees,’ but an effort to allow them has crumbled
25-May-2017 – Los Angeles Times
GOP to drop effort to remove caps on debit card fees in win for retailers
25-May-2017 – CNBC
Retailers cheer GOP retreat on ending debit card fees limit
25-May-2017 – Associated Press
Here’s why the Durbin repeal got pulled from House reg relief bill
25-May-2017 – American Banker
House Republicans to drop debit rule repeal
24-May-2017 – Politico
GOP Lawmaker Drops Debit-Card Provision From Regulatory-Overhaul Bill
24-May-2017 – The Wall Street Journal
Banks Want to Raise Debit-Card Swipe Fees. Republicans Say No
24-May-2017 – Bloomberg
Dumping debit regs would kill competition
9-May-2017 – Payments Source
Canadian shoppers pay when Visa and MasterCard squeeze small business
8-May-2017 – Financial Post
Rep. Ross Says Efforts Underway to Keep Debit Card Swipe Fee Limits
4-May-2017 – Morning Consult
Congress Shouldn’t Let Banks Kill a Reform That Saves Consumers Billions
4-May-2017 – Morning Consult
Congress should stand with Main Street, not Wall Street
3-May-2017 – The Hill
Congress should stand with Main Street, not Wall Street
3-May-2017 – Des Moines Register
Small Business Owners Depend On Debit Card Swipe Fee Reform
2-May-2017 – Morning Consult
Who would want to kill a reform that puts cash in your pocket?
27-Apr-2017 – Washington Examiner
Will the big banks get Congress to kill reforms that save consumers billions of dollars?
26-Apr-2017 – The Hill
Will House Financial Services do right by consumers – or banks?
24-Apr-2017 – The Hill
More Unfair Fees in the News >>