Merchants pushed for years to lower fees they pay banks when consumers shop with debit cards
At present, merchants pay large card issuers such as JPMorgan Chase and Bank of America 21 cents plus 0.05% of the transaction amount.WASHINGTON—The Federal Reserve proposed lowering by about 30% the fees merchants pay to many banks when consumers shop with debit cards, setting off a fight with banks that oppose the changes.
At present, merchants pay large card issuers such as JPMorgan Chase and Bank of America 21 cents plus 0.05% of the transaction amount, which is the level set by the Fed in 2011. The Fed can lower the cap if it determines the costs for processing debit-card payments are declining, but it had never previously done so.This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law.
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