Fed Floats Deep Cuts to Debit-Card Swipe Charges

Up to date Oct. 25, 2023 2:26 pm ETWASHINGTON—The Federal Reserve proposed decreasing by means of about 30% the costs traders pay to many banks when customers store with debit playing cards, environment off a combat with banks that oppose the adjustments. At this time, traders pay massive card issuers comparable to JPMorgan Chase and Financial institution of The united states 21 cents plus 0.05% of the transaction quantity, which is the extent set by means of the Fed in 2011. The Fed can decrease the cap if it determines the prices for processing debit-card bills are declining, but it surely had by no means up to now performed so.Copyright ©2023 Dow Jones & Corporate, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Author: OpenAI