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Credit Lenders Still Fighting For Debt-inducing Fees

Posted by Meredith Dwyer on January 17 2011 @ 7:05 am

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Lenders fight for increased debit card fees, despite recent legislation. Despite Congress' recent passage of restrictions on debit card interchange fees, many credit card companies are still fighting the new laws.

Under the Federal Reserve proposal, which was issued last month, debit card fees would be reduced to 12 cents, 70 percent lower than the average transaction fee from 2009.

This decision was praised by consumer groups and major retailers who saw the decision as a way to pass on savings to the many individuals who are struggling with debt, late mortgage payments and unemployment, The Washington Post reports. However, lenders and banks oppose the new laws.

"We oppose price fixing just in principle, and that's what this is," American Bankers Association executive vice president Floyd Stoner, told the news source. "Congress does address things and go back and look at things in a lot of arenas. We believe it can happen here."

Despite the regulations, consumers may not see any savings from the deal. Some experts believe the fees will simply be passed onto consumers in the form of other charges for major lenders.

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