The banks are earning just $50 billion a year for so-called 'swipe-fees' every time we use debit and credit cards. Of which, $20 billion come from the debit card uses.
The Durbin amendment, proposes to limit the swipe fees to 12 cents per transaction, instead of 1 to 2 percent for debit cards and 2 to 3 percent for credit cards. It would save $427 per household if the bill passed the Senate. This measure is limited to large financial institutes with more than $10 billion in assets.
The delay amendment of the cost cut measure by Sen. Tester, will be voted next week. Retailer organizations such as NACS are requesting actions to oppose this delay amendment.
President Obama is to honor the wounded soldier for his bravery that saved his comrades. Sgt. 1st Class Leroy Arthur Petry had saved lives of the fellow Rangers by picking up the grenade thrown close to them. Sgt. Petry lost his right hand in the act.
The wars in Iraq and Afghanistan has cost 6013 US soldiers' lives to this date.
The Durbin amendment, proposes to limit the swipe fees to 12 cents per transaction, instead of 1 to 2 percent for debit cards and 2 to 3 percent for credit cards. It would save $427 per household if the bill passed the Senate. This measure is limited to large financial institutes with more than $10 billion in assets.
The delay amendment of the cost cut measure by Sen. Tester, will be voted next week. Retailer organizations such as NACS are requesting actions to oppose this delay amendment.
We have been alerted that Senate Majority Leader Harry Reid (D-NV) will allow Senator John Tester’s (D-MT) swipe fee delay amendment to come to the Senate floor the week of June 6. The Senate is currently in recess until then. Please take this time to call your senators, stop by their state offices, or e-mail them asking to vote “No” on Senator Tester’s swipe fee delay amendment.
With the vote likely taking place in two weeks, please watch for NACS communications asking for you to take action. The convenience store industry needs to stay united as we sprint towards the finish line. Senator Durbin’s (D-IL) amendment, which reins in the amount of control debit swipe fees, will save your stores millions of dollars.
President Obama is to honor the wounded soldier for his bravery that saved his comrades. Sgt. 1st Class Leroy Arthur Petry had saved lives of the fellow Rangers by picking up the grenade thrown close to them. Sgt. Petry lost his right hand in the act.
The wars in Iraq and Afghanistan has cost 6013 US soldiers' lives to this date.