7 On Your Side

Debit card transaction fees on retailers dip down

Tuesday, May 01, 2012

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.

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