Michigan Retailers to Call for Cap on Debit Card Fees
LANSING, Mich. -- A group of Michigan retailers and restaurant owners are calling on Congress not to revoke the cap on debit card fees scheduled to take effect later this year, reported WLAJ.com.
The group has a news conference in Lansing planned for today, the report said.
The Durbin Amendment caps the amount of interchange fees banks can charge retailers every time they swipe a debit card, as CSNews previously reported, but some lobbyists and lawmakers are trying to delay are change this piece of financial reform.
Visa and MasterCard, along with banks, say that the interchange fees cover the cost of setting up and maintaining a secure debit payment system, but retailers have protested that the fees are much higher than the actual cost to the banks and the credit card companies.