7 On Your Side
Debit card transaction fees on retailers dip down
The cost of doing business for retailers just got cheaper, but it remains to be seen whether the savings will be passed on to the consumer.
New rules, that went into effect late last year, capped the fees banks could charge retailers for processing debit card transactions. Retailers paid an average of 24 cents a transaction under federal financial reforms. Compare that to 43 cents before the reforms took effect.
Banks however charge that retailers are saving money without passing on the savings to consumers as they had promised.
There's no comment about that from the National Retail Federation.
shopping, 7 on your side, michael finney
- 1 dead, 2 injured in Redwood City boating accident
- Mother, child killed in San Francisco fire
- San Francisco officials plan to crack down on "420"
- SF Chinese community faces fallout from Yee arrest
- Serious accident on Almaden Expressway in San Jose
- Possible explosive prompts evacuations in Solvang
- Firetruck rams California eatery; 15 injured
- BART unveils new train car design in SF
- Man accused of killing Sierra LaMar appears in court
- VIDEO: Man kicked in head taking selfie in...
- Angels beat A's 5-4 on Iannetta's HR in 12th
- Photos: The 10 worst jobs for 2014
- weather: Bay Area weather forecast for Thursday
- roundup: Hammer beating; SF "420" crackdown 41 min ago
- Bay Area weather forecast for Thursday
32 min ago