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A bill that would slightly reduce credit card ‘swipe fees’ is moving quickly through the Pa. legislature, but while merchants are on board, banks and credit card companies are not.
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 ...
The Schreyer Honors College (or SHC) is the honors program of the Pennsylvania State University. Founded in 1980 as the University Scholars Program, it was expanded and renamed in 1997 in response to a $30 million gift by William and Joan Schreyer. Schreyer was one of three honors colleges, along with those at Arizona State and Mississippi, to ...
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 Dick Durbin, a ...
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.
Opponents of credit card swipe fee legislation claim it will benefit big box retailers, cause harm to consumers and small businesses. From our readers:
The Act contains a provision that limits the first year annual fee for a credit card to 25% of the credit limit. Credit card issuers are still able to charge certain additional fees, such as "setup fees" or "program fees." The Act also restricts the fees that can be charged for gift cards and other prepaid cards.
The Fair and Accurate Credit Transactions Act of 2003 ( FACT Act or FACTA, Pub. L. 108–159 (text) (PDF)) is a U.S. federal law, passed by the United States Congress on November 22, 2003, [ 1] and signed by President George W. Bush on December 4, 2003, [ 2] as an amendment to the Fair Credit Reporting Act. The act allows consumers to request ...