Banksters cry discrimination

[marmar]

(Bloomberg) A planned cap on the debit-card swipe fees charged to merchants by the biggest U.S. banks is “discriminatory,” a lawyer for one of the affected banks told a U.S. appeals court panel.

Timothy D. Kelly, a lawyer for TCF National Bank, told the St. Louis-based court yesterday that it should reverse a trial judge’s decision denying the bank’s bid to block the cap while the lender challenges its legality. The provision is scheduled to take effect July 21.

The limit on per-transaction charges is part of the Dodd- Frank financial overhaul. Banks with more than $10 billion in assets won’t be allowed to collect more than the cost of providing the service, making profit impossible, TCF claims.

“Below-cost rates and widespread exemptions are not traditional rate regulation,” Kelly told the three judge panel. .........(more)

The complete piece is at: http://www.bloomberg.com/news/2011-06-16/debit-card-fee-cap-should-be-shelved-during-suit-bank-tells-appeals-court.html

[Democrats_win]

1. What about discrimination against people who pay CASH?

With thes massive swipe fees, the price of goods goes way up. People who pay cash are actually subsidizing the retailers payment of swipe fees.

[safeinOhio]

3. These days people swipe a card

for a 35 cent pack of gum. I see it every day. Then they hit cancel for credit.

[denverbill]

5. I started paying for everything on credit instead of debit because the bank pays me to.

I get like $50 or more cash back every month and never pay any interest because I pay it off each month.

Personally, I think it's ridiculous to do this but until the banks stop rigging the system, I'd be dumb not to take the free money. After all, I'm already paying for it in hidden higher prices.

[safeinOhio]

6. Lots of gas stations are charging 3% more for

credit. They should do that for all purchases.

[xchrom]

2. projecting ass hats. the lot of them. some one -- bring me my guillotine. nt

[denverbill]

4. We need to remove the law that disallows charging more for credit than other forms of payment.

Banks are hiding the costs of these transactions by screwing over retailers. They are forced to accept whatever the bank demands if they want to accept their cards and no retailer in their right mind would refuse Mastercard or Visa nowadays.

Let me, as the consumer, decide if I want to pay a swipe fee to use my credit card. Let the banks compete for my business by lowering or eliminating swipe fees.

[gratuitous]

7. "Discriminatory" - I don't think that word means what you think it means

You have to wonder how banks could have stayed in business before debit cards! I mean, they must have been losing money all the time, every year, and kept going just out of the goodness of their hearts for the good of the community or something.

[marmar]

8. '"Discriminatory" - I don't think that word means what you think it means'

I know how they intended it.....I was being intentionally hyperbolic.

[geardaddy]

9. TCF is evil.

I refuse to bank there.

The CEO is the former head of the MN GOP.