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Alcatel-Lucent Message Board

mpeppy 1 post  |  Last Activity: Mar 28, 2014 7:40 AM Member since: Apr 15, 1999
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  • mpeppy mpeppy Mar 28, 2014 7:40 AM Flag

    Court of Appeals ruling on Debit Card Swipe Fees

    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

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