Self Made: NASE's Blog

Blog With Us

Welcome to the Self Made. This is a blog focused primarily on the self-employed and micro-business and full of fantastic posts by not only our team of experts but by YOU!  We realize that there are many ways to help the small businesses out there which is why we invite other business minded individuals to post here and help the rest of the community as well.

Washington Watch Update: Debit Card Fee Legislation Failed Senate Passage

Jun 10, 2011

Posted by Kristin Oberlander - A delay for legislation that would cap the amount banks can charge retailers per debit card transaction has failed in the Senate. Both Sens. John Tester (D-Mont.) and Bob Corker (R-Tenn.) wish to delay the onset of the law until sufficient studies have been performed by the Federal Reserve to find out possible ramifications to banks.

The measure originally passed as an amendment to the regulatory overhaul of 2010 and goes into effect in July. As part of the effort, the Fed suggested banks cap the limit that they are able to charge retailers to 12 cents per transaction, instead of a more common 1% of the total of each transaction.

The opinions expressed in our published works are those of the author(s) and do not necessarily reflect the opinions of the National Association for the Self-Employed or its members.

Courtesy of NASE.org
https://www.nase.org/business-help/self-made-nase-blog/self-made/2011/06/10/Washington_Watch_Update_Debit_Card_Fee_Legislation_Failed_Senate_Passage