Consumers Will Pay for Merchant Windfall
The U.S. Senate has voted to add an amendment to financial regulatory reform that will arbitrarily limit the costs that merchants pay to accept debit cards, and eliminate important rules that are in place expressly to protect consumers.
If this amendment is included in the final bill, consumers and small financial institutions will be the ones to pay.
Click on the links below to expand them and read more about each issue.
For consumers, this amendment would…
- Make you pay more for your debit cards.
- Force consumers to carry cash at all times.
- Allow retailers to discriminate against you at the register.
- Force consumers to turn to large, national banks for debit card services.
- Harm lower income Americans who use debit cards for food stamps or other assistance.
- Allow merchants to falsely advertise.