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If you think swipe fees dropped with inflation, guess again. Last year they were $18.6 billion. Since 85% of holiday purchases will be made with credit or debit cards, that small amount of cash ...
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 ...
Interchange fees or "debit card swipe fees" are paid to banks by acquirers for the privilege of accepting payment cards. Merchants and card-issuing banks have long fought over these fees. Prior to the Durbin amendment, card swipe fees were previously unregulated and averaged about 44 cents per transaction. [3]
She said swipe fees have become a particular problem since the pandemic, when the use of cash plummeted. Most people use cards now, which means the roughly 3% swipe fee she pays eats up a lot more ...
Drugs are more expensive, doctors are paid more, and suppliers charge more for medical equipment than other countries. [48] Journalist Todd Hixon reported on a study that U.S. spending on physicians per person is about five times higher than peer countries, $1,600 versus $310, as much as 37% of the gap with other countries.
Within the first year, average fees fell from 44 cents to 24 cents per swipe. In response, banks largely did away with debit reward programs and other consumer benefits such as free checking accounts.
Opponents of credit card swipe fee legislation claim it will benefit big box retailers, cause harm to consumers and small businesses. From our readers:
Arizona v. Maricopa County Medical Society, 457 U.S. 332 (1982), was a U.S. Supreme Court case involving antitrust law.A society of doctors in Maricopa County, Arizona, established maximum fees that their members could claim for seeing patients who were covered by certain health insurance plans.