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Credit card settlement will not aid consumers
According to the rules that have long been in place, a store that accepts credit cards cannot charge more for plastic transactions, though a cash discount may be offered. Other than gas stations, though, almost no retailer has taken advantage of this. All may be changing, however, with the settlement, which allows a store to pump up the price when a customer chooses to pay with credit.
Congress’ misdirected ‘probe’ of debit card fees
“Rather than accept responsibility and reverse the original bad legislative policy, however, Congress is digging in its heels and blaming the banks just for trying to recoup their losses. Once again, sadly, government intervention in the free market has caused harmful effects on the American people, but the government doesn’t want to be held accountable.”
Credit’s price
“Retailers will likely manage to keep some portion of the fees they used to pay to the banks or third party intermediaries. Consumers, meanwhile, will pay the same retail costs as before plus a fee to their bank — thanks to Washington’s interference.”
Again, politicians interfere with commerce; no winners ahead
“Once again, politicians who have never run a company, impose their will on businesses without ever considering the impact on the companies or their customers. There are no winners in this one.”
Editorial: Customers should not be shocked at debit card fees
“It’s hard to see if retailers have indeed passed the savings on to customers, but it’s easy to guess that they have not.”
Banker Barack: Clueless in chief
“The Dodd-Frank banking regulation Democrats passed last year cut by 45 percent the fees banks could charge retailers for debit card transactions. This was no consumer protection. It was a giveaway to major retailers like Walmart, Home Depot and Target, who lobbied hard for the cap.”
EDITORIAL: Durbin does it to consumers
“The Durbin Amendment interfered with a market mechanism to choose merchants to be the winners over the banks. That makes consumers, especially the poor, the losers.”
Editorial: Retailer fee cut backfires on consumer
“The new regulations were effective Saturday, and the result is that it takes money away from banks and gives it to retailers. Durbin claimed a cut in these fees would eventually result in lower prices at retail stores.… Instead, many retailers appear to be using the reduced fees to add to their bottom line.”
No more help, please
“Congress hailed it as a victory for consumers last year when it decided to impose price controls on banks, capping ‘swipe’ fees they charge merchants for debit-card transactions. In reality, what Congress imposed was a new monthly tax on debit-card users…The new debit-card fees are another example of why government should not pick losers and winners in the marketplace: The likeliest loser is the consumer.”
‘Durbin fee’ will cost bank customers billions
“So all the Durbin amendment really accomplished was a multibillion-dollar-a-year income redistribution from consumers to retailers, who have given more than $90,000 to Durbin this election cycle.”
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