Battle over debit-, credit-card fees

Philadelphia Inquirer | April 10, 2013

‘When two elephants fight, the grass gets trampled,” goes the African proverb. The same can be said for the epic battle between banks and retailers over interchange fees – what retailers pay to accept credit and debit cards for payment. This battle has resulted in harm to consumers, community banks, and mom-and-pop retailers as Congress injected itself into the fight.

Fortunately, this battle is finally drawing to a close. Last year the payments and retail industries resolved their differences through the court system, negotiating a $7.25 billion settlement to their dispute. All merchants – large and small – are entitled to a sizable sum from this settlement if they accepted credit or debit cards over the last seven years.

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