If you are a
retailer this is a great victory. This would significantly
reduce the amount of money you have to hand over to banks
who issue those debit cards and you to hold on to more
money. The draw back is that banks (that issue those cards)
may limit how much a customer can charge per transaction to
$50 or $100. In order to make up for the lost revenues
banks may also charge fees for other services such as
checking accounts, ATM fees, or other services. By
exempting smaller banks from charging lower fees, retailers
may reject purchases made by their debit card Holders in
order to avoid having to pay the higher swipe fee.
See
follow on story 1 July 2011 |