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Interchange fees have a complex pricing structure, which is based on the card brand, regions or jurisdictions, the type of credit or debit card, the type and size of the accepting merchant, and the type of transaction (e.g. online, in-store, phone order, whether the card is present for the transaction, etc.).
The settlement lowers interchange fees for merchants and also protects credit card companies from being sued over the issue again in the future. [23] That settlement was reversed. Currently one for US$6.24 billion is scheduled to go before the district court on November 7, 2019. [24]
The fees in question are “swipe fees,” also known as interchange fees, that are charged to the merchant for every transaction with processors like Visa and Mastercard.
The Durbin amendment also gave the Federal Reserve the power to regulate debit card interchange fees, and on December 16, 2010, the Fed proposed a maximum interchange fee of 12 cents per debit card transaction, [9] which CardHub.com estimated would cost large banks $14 billion annually. [10]
Merchants ultimately pass on those fees to consumers who use credit or debit cards. The fees are calculated as a fixed fee plus ... Visa and Mastercard will cap the credit interchange fees until ...
The law prohibits a credit card holder’s bank from charging or receiving interchange fees on portions of transactions, including taxes and gratuities. It is scheduled to go into effect July 1.