[9YearLurker]

And this was a big problem needing federal regulation?

[liberty or death]

1 to 2% is misleading. Total cost is 3.5 to 4%. I calculate it every month and have shopped for cheaper but it’s not out there.

[Conservativegreatgrandma]

Why don’t they impose a cap on what the fed govt. spends and taxes. That is their business—not regulating everything else.

[Valpal1]

In my experience as a small retail shop owner is that the percentage is largely related to the level of fraud and/or chargeback rate for the whichever industry one is engaged in as well as the number of transactions/dollar amounts one averages.

Low risk businesses will now be subsidizing high risk ones. Expect the law of unintended consequences to come down hard on this proposal.

[Valpal1]

In my experience as a small retail shop owner is that the percentage is largely related to the level of fraud and/or chargeback rate for the whichever industry one is engaged in as well as the number of transactions/dollar amounts one averages.

Low risk businesses will now be subsidizing high risk ones. Expect the law of unintended consequences to come down hard on this proposal.

[E. Pluribus Unum]

If Citibank wasn't a monopoly that actively prevents competition I would say leave them alone.

When Walmart tried to create its own bank card to avoid transferring 2-4% of their profit to Citibank a few years ago, Citibank ran a propaganda campaign against them and made sure it didn't happen.

Citibank does not deserve a penny of Walmart's profit. Walmart doesn't need them. They have the assets to be their own Citibank, but the ruling class gets too much money from Citi to allow any competition.

FUCB.

[ml/nj]

But, but ,but, I thought the Fed was some private thing not connected with the government.

ML/NJ

[dila813]

And looks for stores to tell you that debit cards can’t be used for purchases under 50 dollars because the banks will make all transactions cost 12cents.

These guys are idiots.

[RobRoy]

I think the fees are outrageous. I’ve worked in PCI. Do you know why, when you give a card to a clerk, they ask debit or credit? It is because debit is substantially cheaper for the store.

However, this is NONE of the federal government’s business.

[OrangeHoof]

I never use debit cards. Capping fees for debit card transactions? Why were you stupid enough to use them in the first place?

[CharlesWayneCT]

Now, if they would just pass a law to make every retailer sell me things for what I want to pay for them, I’d be happy.

Oh, also all of the rest of you should have to provide services for me, and I get to choose how much I want to pay you.

That’s the American Way.