7 On Your Side
Feds limit banks swipe charge on retailers
For months, 7 On Your Side have been telling consumers about efforts to limit how much banks can charge stores every time you use your debit card. Now, the federal government set that cap at 21 cents per swipe. The new limit kicks-in on October 1.
Banks currently charge retailers as much as 44 cents per swipe.
The feds initially wanted to cap that at just 12 cents, but the banks flipped out, revolted and threatened to make up the lost revenue by shifting costs to consumers.
Many banks already have cut-out unrestricted free checking accounts and some have ended debit card reward programs.
banks, 7 on your side, michael finney
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