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In March 2024, a settlement in the injunctive relief portion of the payment card interchange fee case was announced to reduce what are known as "swipe fees" for merchants in the U.S. This change, set to last five years, was expected to save retailers about $30 billion and mark the end of a long-standing legal battle over antitrust issues ...
The Durbin amendment, implemented by Regulation II, [1] is a provision of United States federal law, 15 U.S.C. § 1693o-2, that requires the Federal Reserve to limit fees charged to retailers for debit card processing.
In the EU, interchange fees are capped to 0.3% of the transaction for credit cards and to 0.2% for debit cards, while there is no cap for corporate cards. [3] In the US, card issuers now make over $30 billion annually from interchange fees. Interchange fees collected by Visa [4] and MasterCard [5] totaled $26 billion in 2004. In 2005 the number ...
The fees are determined by Visa, MasterCard and other card networks, with a cap of 21 cents per transaction set under the Fed rule. At issue in the case was whether Corner Post was too late when ...
A recent settlement between Visa, Mastercard and the largest U.S. credit card issuing banks and merchants has lowered swipe fees for the next five years, saving money on your monthly credit card...
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One part of the Act, the Durbin amendment, required the Federal Reserve Board to promulgate a regulation limiting fees for debit-card transactions. In 2011, the Board published its final rule, which set the maximum transaction fee at $0.21 plus 0.05% (5 basis points). [1] Several merchant groups challenged the rule in 2011 in NACS v.