    
Americakooli
Pilla Bewarse
Username: Americakooli
Post Number: 165
Registered: 02-2005
Posted From: 75.168.66.190
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, June 18, 2010 - 5:45 pm: |
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Congress is considering a bill that we believe will ultimately result in consumers paying for the cost of retailers accepting debit and credit cards. It is not fair for congress to ask consumers to pay for a retailers cost of doing business.
Under todays system you, the consumer, pay no fee when you use your debit card or credit card on transactions that donot require a PIN number.Retailers currently pay a fee., commonly called an "Interchange Fee" , to the card issuing bank. The fee the retailer pays allows them to sell more, reduce their costs, and increase profits.Retailers receive guaranteed payments because banks assume the risk of loss, both for you and the retailers, once the bank approves the transaction.
Retailers are asking Congress to change the rules.The change will lead to you paying higher fees and charges to replace what is truly the retailers cost of doing business.If this legislation passes, your costs will go up.
This is exactly what happened in Australia .In 2003 , Australia required interchange fees to be reduced almost in half.The result was that Australian retailers receive an estimated additional $870 million in profits per year, and customers pay an estimated additional $480 million per year in account fees.In addition, consumers lost some benefits from Rewards programs.
Let the congress know that you do not want this anti-consumer legislation that will cost you more.
Please login to www.dontmakeuspay.org and sign the petition. |
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