Our nation’s biggest banks are pressuring Congress to take away debit swipe-fee protections put in place in 2010. If they are successful, merchants and their customers will be subject to a debit card tax, which will do nothing but increase the cost of all consumer goods and services.
Congress will soon vote on the repeal of these crucial protections in the Financial CHOICE Act. Tell Congress to Stand with Small Businesses, Not Big Banks and Stop the Repeal of Debit Swipe-Fee Protections!
In 2010, a provision in the Dodd-Frank Wall Street Reform and Consumer Protection Act – known as the “Durbin Amendment” – brought a degree of fairness and competition to accepting debit cards for payment. This provision put limits on banks’ ability to charge outrageous swipe-fees on debit card purchases. A study has shown that consumers benefited enormously from this reform -- $5.8 billion dollars in lower costs in the first year alone!
How it affects you:
If big banks and their friends in Congress are successful, small businesses across the country will undoubtedly see a massive increase in debit card swipe fees. This will drive up operational and consumer costs, which is just plain bad for business. Take action today!