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Old 11-18-2012, 20:11   #26
Join Date: Feb 2002
Posts: 57
Originally Posted by harlenm View Post
The amount that retailers pay on credit card transactions didn't change under these law changes. We still pay basically the same amount(% for credit, fixed amount for debit) as we always have. Besides, our prices are not based on the amount of fees we pay, its based on the cost of the product, the freight charges, and the price the competition charges.

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This is what happens under Dodd-Frank:
"Debit Card "Swipe" Fees
The new rule caps the maximum permissible swipe fee that the issuer of a debit card can charge for an electronic debit transaction at 21 cents per transaction, plus 0.05 percent of the amount of the transaction. However, the cap applies only to large card issuers - those with $10 billion or more in assets, including the assets of their affiliates. The Board will publish annually lists of institutions that are above and below the small issuer exemption threshold."

Perhaps you are using a small bank, so their fees are not capped. This will have the opposite effect of what was intended. It will encourage retail merchants to go with large banks so that their transaction fees will be lower. And the lower fees you are charged by your bank, the more you will get to keep. If you bank with a small institution, you may want to check your debit card rates with a larger bank. It could save you some money.
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Nov 11, 2013 at 11:42