Specifically, merchants have reinvested debit swipe fee savings to reduce prices, create jobs and grow their businesses. Also, exempted small- and mid-sized banks and credit unions have gained a competitive advantage over their giant competitors. Finally, fees imposed by big banks are more transparent now that banks are no longer able to gouge merchants and customers by hiking these hidden fees at will.
RILA will continue to educate lawmakers on the benefits of debit swipe fee reforms and the shortcomings of the Federal Reserve’s rule with the goal of strengthening debit reforms and expanding them to credit cards.
RILA has always viewed debit card swipe fee reform as the first step towards bringing competition to the entire electronic payments market. Credit swipe fees are substantially higher than debit