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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. Debit cards and transactions in the ten states that prohibit credit-card surcharges will not be affected.
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 ...
Swipe fees are paid to Visa, Mastercard and other credit card companies in exchange for enabling transactions. Merchants ultimately pass on those fees to consumers who use credit or debit cards.
A federal judge overseeing a $30 billion preliminary swipe-fees settlement between Mastercard, Visa and retailers formally rejected the deal Tuesday. The ruling likely means the credit card ...
Retailers pay an average 2.24 percent fee each time they swipe a credit card, although those fees can be as high as 4 percent, according to the National Retail Federation, an MPC member that says ...
The lawsuit was a challenge to a 2011 regulation of the Federal Reserve Board setting the maximum fees that large banks can charge merchants for a debit-card transaction, [1] but the question before the Supreme Court was limited to whether the case was properly dismissed because of the statute of limitations. [2]
The settlement called for the average swipe fee to fall at least 0.04 percentage points for three years, and stay at least 0.07 percentage points below the current average for five years.
The settlement stems from a 2005 lawsuit that alleged merchants paid excessive fees to accept Visa and Mastercard credit cards, and that Visa, Mastercard and their member banks acted in violation ...