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Posted on 7/31/13 at 11:37 am to wegotdatwood
It is due to a fricking batshit insane ruling by a judge regarding swipe fees.
Retailers have been lobbying hard for years for the fed to limit the cost that they pay to banks and payment processors for debit card swipes. Previously there was no limit and the price was set based on the market (what a novel concept!)
The fed created a limit at .21 cents which was roughly half of what was charged before. This of course caused the end of free checking accounts and no noticeable decrease in prices by the retailers so like is typical with federal regulation the cost was simply passed on to the consumer.
The judge today tossed out the rule saying it didn't go low enough... fricking absurd.
Retailers have been lobbying hard for years for the fed to limit the cost that they pay to banks and payment processors for debit card swipes. Previously there was no limit and the price was set based on the market (what a novel concept!)
The fed created a limit at .21 cents which was roughly half of what was charged before. This of course caused the end of free checking accounts and no noticeable decrease in prices by the retailers so like is typical with federal regulation the cost was simply passed on to the consumer.
The judge today tossed out the rule saying it didn't go low enough... fricking absurd.
This post was edited on 7/31/13 at 11:38 am
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