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The total value of the settlement will be about $7.25 billion. [9] [10] This amount could be decreased based on the number of plaintiffs who opt-out. [11] A part of the settlement that allows merchants to charge fees to customers paying via credit card in order to recoup swipe fees took effect on January 27, 2013.
A merchant account is a type of bank account that allows a seller, known as the merchant, to accept payments by debit or credit cards.A merchant account is established under an agreement between an acceptor and a merchant acquiring bank for the settlement of payment card transactions.
Merchant groups in particular, including the U.S.-based Merchants Payments Coalition and Merchant Bill of Rights, also claim that interchange fees are much higher than necessary, [24] pointing to the fact that even though technology and efficiency have improved, interchange fees have more than doubled in the last 10 years.
The settlement is set to lower swipe fees merchants pay when customers make purchases using their Visa or Mastercard by $30 billion over five years, according to a press release announcing the ...
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The Fair Credit Billing Act (FCBA) is a United States federal law passed during the 93rd United States Congress and enacted on October 28, 1974 as an amendment to the Truth in Lending Act (codified at 15 U.S.C. § 1601 et seq.) and as the third title of the same bill signed into law by President Gerald Ford that also enacted the Equal Credit Opportunity Act.
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