Wednesday, March 16, 2011

Fact #136: Banks get $.44 with each debit card purchase

These "interchange fees" have long been around, yet nobody knows much about them.

Banks charge the retailer these fees with each debit card swipe. However, that $.44 charge is likely to drop soon, a change which many think will bring a cap to debit card spending to around $50. Banks will lose revenue, so they may force customers to use cash and checks more.

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