The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act mandated that the Federal Reserve ensure that interchange fees reflect the actual cost of processing debit cards transactions. In order to comply with the law, the Federal Reserve initially proposed limiting the fees to $0.12 per debit card transaction, but finally set it to $0.21 per swipe with the possibility of a few cents increase to cover some costs such as fraud. Prior the implementation of the Fed ruling, banks were charging $0.44 per debit card transaction.
March 21, 2014
Didn't walmart know what the fees were before they signed up with VISA, our Secretary of State office does not take credit cards because of the fees, Why are they disputing fees that they already knew what the cost of business was for doing business with Visa. Secondly, didn't we just win the ruling over swipe fees, now we are starting another lawsuit, kind of a double jeapordy here isn't it. Seems like there should be a statue of limitations not just on time, but money, why did walmart not sue back when it was a couple million, they wait for it to reach 5 Billion, I don't know I think walmart should have rectified their unhappiness a few billion ago.