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Interchange fee is a term used in the payment card industry to describe a fee paid between banks for the acceptance of card-based transactions. Usually for sales/services transactions it is a fee that a merchant's bank (the "acquiring bank") pays a customer's bank (the "issuing bank"). In a credit card or debit card transaction, the card ...
Durbin amendment. The Durbin amendment, implemented by Regulation II, [ 1] is a provision of United States federal law, 15 U.S.C. § 1693o-2, that requires the Federal Reserve to limit fees charged to retailers for debit card processing. It was passed as part of the Dodd–Frank financial reform legislation in 2010, as a last-minute addition by ...
The payment card interchange fee and merchant discount antitrust litigation is a United States class-action lawsuit filed in 2005 by merchants and trade associations against Visa, Mastercard, and numerous financial institutions that issue payment cards. The suit was filed because of price fixing and other allegedly anti-competitive trade ...
On March 26, 2024, Visa and Mastercard, the two largest credit card issuers in the U.S., agreed to lower credit card interchange fees for merchants.
Aside from interchange or swipe fees, which Visa and Mastercard force retailers to pay to issuing banks, the two credit card giants charge network fees to merchants.
“Merchants and consumers pay $3.8 billion dollars in credit card interchange fees to line the pockets of the biggest Wall Street bank,” Durbin said. “These institutions raised those fees ...
The "Durbin amendment" [33] is a provision in the final bill aimed at reducing debit card interchange fees for merchants and increasing competition in payment processing. The provision was not in the House bill; [ 23 ] it began as an amendment to the Senate bill from Dick Durbin [ 34 ] and led to lobbying against it.
A U.S. judge on Tuesday rejected a $30 billion antitrust settlement in which Visa and Mastercard agreed to limit fees they charge merchants who accept their credit and debit cards. U.S. District ...