Comments for Fed fixes swipe fee cap at http://www.theind.com , comment 1 to 1 out of 1 comments http://www.theind.com Tue, 18 Jun 2013 21:20:41 +0100 FeedCreator 1.7.3 http://www.theind.com/business-news/acadiana-business/8601-fed-fixes-swipe-fee-cap#comment-19303 The latest version of the Fed’s final debit interchange rule has not changed much. It is still good news for retailers and bad one for issuers. It is also still bad news for consumers who are already feeling the rule’s side effects, even before it has taken effect. Anticipating lower revenues, banks have begun creating new or expanding existing revenue sources. As a result, free checking accounts are going away, new bank fees are being introduced and old ones increased, interest rates are being hiked, rewards are being slashed, etc. So the damage to consumers is already done and it will not be reversed, even if the Fed eventually decided not to change the interchange status quo after all. What we have here is a government-mandated redistribution of revenues from one industry to another, something it has no business doing. http://blog.unibulmerchantservices.com/debit-card-fee-limit-lifted-to-24-cents-consumers-will-still-pay-for-it - Greg Fri, 01 Jul 2011 17:41:57 +0100