Big win for retailers over banks in new debit swipe fee ruling
It's back to the drawing board for banks and retailers over the heated debit card swipe fee debate. A judge recently rejected a rule set by the Federal Reserve back in October 2011 which capped the amount banks could take from retailers when consumers swipe their debit cards. Debit CardThe judge said the Fed's rule "disregarded Congress's statutory intent by inappropriately inflating all debit card transaction fees by billions of dollars and failing to provide merchants with multiple unaffiliated networks for each debit card transaction."
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