creditcards

Banks Raise Fees To Compensate For Debit Reform

After Durbin Amendment, banks begin charging customers monthly fees. Banks are fighting back as the Durbin Amendment is set to go into effect Oct. 1. The Federal Reserve Board in June ruled that per the Durbin Amendment debit swipe fees would be capped at 21 cents per transaction—down from 44 cents. But now banks are

Financial Reform Faces Crucial Vote

As the House and Senate prepare to vote on the financial reform bill—containing the Durbin amendment on interchange fees—this week, NACS’ message to retailers is that the battle is far from won. Three hurdles remain: passing the House, passing the Senate and getting signed into law by President Obama. “Until all three happen, actually, until

New Interchange Amendment Needs Retailer Attention

More than 170 amendments have been filed to the financial regulatory reform bill now before the Senate, and to expedite the process, Majority Leader Harry Reid (D-NV) has asked senators to consolidate their amendments, NACS reported. On Monday night, Senate Majority Whip Richard Durbin (D-IL) filed a new amendment (#3932), merging the main provisions of

Kum & Go Petition Gathers 40,000 Signatures

Kum & Go, L.C. has collected more than 40,000 signatures from customers wanting to control and reduce credit and debit card swipe (or interchange) fees put on customer transactions.   The signatures were collected in just one month from all Kum & Go stores as a part of the National Association of Convenience Stores (NACS)

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