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Federal Reserve Debit Card Swipe Fee Upheld, Retailers Disappointed

Retailers were handed a major blow by the Federal Reserve when the appeals court upheld a rule allowing banks to charge retailers as much as twenty-one cents to process debit-card transactions. Companies like Walmart and Target challenged the Fed cap in a multi-billion dollar fight over transaction costs. After the announcement Visa climbed more than 2.5-percent. The swipe fee ceiling at the current rate has been in place since October 2011.