The legal challenge over transaction fees that retailers are forced to charge customers when they swipe a debit card could head to the Supreme Court, after the National Retail Federation said it plans to petition the nation鈥檚 highest court to hear the case.
06-05-2014 A U.S. Appeals Court on March 21 upheld the Federal Reserve’s rules governing debit card interchange fees, dealing a major blow to retailers who have fought to reduce the transaction fees they are charged when customers swipe a debit card. The ruling reverses a lower court鈥檚 decision last year that the Federal Reserve had set the cap on debit card transactions too high.
03-21-2014 In issuing its bi-annual report on swipe fees as required by law, the Federal Reserve last week said it would keep the existing interchange fee standards and fraud prevention adjustments the same. The per-transaction cap remains at 21 cents and also allows for an additional charge of 0.01 cent to cover fraud as well as .05 percent of the sales amount.
03-11-2013