Consumer Fees Unrelated to Swipe Fees: Survey

[Sherman A1]

Despite industry claims, the monthly service fees banks charge consumers are not related to debit swipe fees, according to the Merchants Payments Coalition (MPC), which has analyzed new data from moneyrates.com and Bankrate.com.

Since the passage of the Durbin Amendment last October, banks and credit card issuers have said that the newly imposed debit card swipe fee reductions have forced them to raise the fees they charge consumers for services such as checking accounts, but MPC’s examination of the data revealed the opposite.

“Swipe fees have tripled over the last decade, but that certainly hasn’t resulted in consumer checking fees getting cut by a similar amount,” noted Tom Wenning, EVP and general counsel of the Arlington, Va.-based National Grocers Association (NGA), one of the member associations of MPC, a group of retailers, supermarkets, drug stores, convenience stores, fuel stations, online merchants and other businesses working for a more competitive and transparent card system.

In fact, Bankrate.com surveys show that swipe fees and checking account fees have risen in tandem for six consecutive years. From 2005 to 2011, checking fees increased from $11 to $14 on average, while swipe fee revenues ballooned from about $30 billion to $60 billion.

http://www.progressivegrocer.com/top-stories/headlines/industry-intelligence/id36170/consumer-fees-unrelated-to-swipe-fees-survey/

[xchrom]

1. We either MAKE them adhere to the rules or

We stop complaining about it.

They're crooks & thieves - they deserve nothing but contempt.

[dems_rightnow]

2. Anyone who did not have free checking....

... wasn't looking very hard. They had to to get that bank card in your hands.