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.
03-11-2013 If there was ever a year when NATSO was challenged on all of its major issues, it was 2012. NATSO’s top issues–rest area commercialization, tolling and credit card swipe fees–were all in play throughout the year, with a big test early in the year on the rest area commercialization issue. And though we passed the test, there is always more to be done. But NATSO moves into 2013 with optimism and momentum in a positive direction, committed to continue protecting the interests of Interstate-based businesses.
12-24-2012 Assistant Majority Leader Dick Durbin (D-Ill.) sent a letter to the American Bankers Association (ABA) last week refuting the association’s claims that swipe fee reform is a mistake.
10-01-2012 NATSO joined a group of associations representing retailers to highlight the reasons behind the growing opposition to the proposed settlement of the long-standing antitrust lawsuit filed by merchants against Visa, MasterCard and the nation’s largest banks.
09-24-2012 GAO last week confirmed that the debit fee reform implemented Oct. 1, 2011, has helped community banks and credit unions.
09-24-2012 NATSO announced today that it has joined others in rejecting a proposed settlement of the antitrust lawsuit brought by merchants, including NATSO, alleging that Visa, MasterCard and national banks collude to set artificially high swipe fees.
09-10-2012