Credit/Debit Fees

Every time a consumer swipes a credit card, credit card issuers charge a fee, commonly known as an interchange fee or swipe fee. Those fees raise prices for all consumers and are putting tremendous financial pressure on retail store owners across the country, including truckstops and travel plazas. In fact, interchange fees are likely the biggest credit card fee most consumers have never heard of, yet American consumers paid more than $48 billion in credit card interchange fees in 2009 alone. In the United States, these fees are approximately 2 percent of the total cost of the transaction, often more than the profit margin on a gallon of fuel sold. 

Credit Card Settlement - Important Considerations for NATSO Members: NATSO has developed an online memo and other documents to provide NATSO members with information on their options for responding to the "Notice of Class Action Settlement" regarding the proposed settlement in the class action litigation In Re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation (MDL 1720). Review the information here.

Judge Gleeson, the United States District Court Judge presiding over In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, has determined that certain information regarding the settlement previously displayed on various websites was misleading. As a result, Judge Gleeson has ordered that this website post this advisory. This is not the Court-approved Case Website. The Court is concerned, for example, that some class members who visited various websites may not have fully understood their rights with regard to the proposed settlement and therefore may have made decisions without complete information. For information such as the Court-approved Notice, which provides a detailed description of the proposed settlement and class members’ rights and options in connection with the proposed settlement, please visit: www.paymentcardsettlement.com. Judge Gleeson recommends that you visit that site before deciding what action, if any, you wish to take regarding the settlement. You may also want to contact the attorneys appointed by the Court to represent the interests of the Class.

 

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  • Merchants Criticize Federal Reserve Decision to Maintain Interchange Fee Standards

    In issuing its bi-annual report on swipe fees as required by law, the Federal Reserve last week said it would keep the existing interchange fee standards and fraud prevention adjustments the same. The per-transaction cap remains at 21 cents and also allows for an additional charge of 0.01 cent to cover fraud as well as .05 percent of the sales amount.

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  • Recent Items

  • Credit Card Settlement - Important Considerations for NATSO Members

    NATSO has developed an online memo and other documents to provide you with the information you need to consider the your options related related to the settlement.

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    • Lisa Mullings
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  • Credit Card Settlement Appeal Delayed Until Fall

    The U.S. Court of Appeals has ruled that an appeal of the proposed swipe fee settlement should wait until after objections to the settlement are filed and heard next fall. That means that settlement notices to retailers across the country can continue to be distributed, and that retailers will have the opportunity to opt out of the monetary portion of the case and/or object to the proposed settlement. Notices will be sent to retailers who accepted Visa and/or MasterCard at any time between Jan. 1, 2004 and Nov. 27, 2012. Even if retailers submitted a declaration objecting to the proposed settlement last fall, they must respond to the notice and submit something in writing again if they want to opt-out of or object to the proposed settlement.

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  • Judge Denies Request to Block Preliminary Approval of Swipe Fee Settlement

    A federal appeals court panel has denied an appeal aimed at reversing preliminary approval of the $7.25 billion settlement of the antitrust case against Visa and Mastercard.

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    • NATSO
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