Senate Votes To Impose Price Controls On Debit Transactions

May 17, 2010
If this amendment ultimately passes, small businesses which have stayed away from taking credit cards may want to reconsider. If you own a business, this is an important amendment to follow.

Binyamin Appelbaum of The New York Times reported, “Sixty-four senators, including 17 Republicans, agreed to impose price controls on debit transactions over the furious objections of the beleaguered banking industry.

“The amendment to the Senate’s sweeping financial legislation could save billions of dollars for family restaurants and dry cleaners, Wal-Mart and, and every other business whose customers increasingly pay with debit cards. It does not address credit card fees directly.”

To read the complete article go to: Debit Fee Cut Is a Rare Loss for Big Banks