The Federal Reserve on Thursday proposed a new rule that would dramatically cut the swipe fees that banks charge merchants when customers use debit cards. The move, which stems from a provision in the financial overhaul bill in July, could benefit stores. But banks say it could harm consumers.
The estimated $48 billion that merchants pay to banks and credit card companies for the use of those ubiquitous terminals is at stake as Congress considers a proposal that could limit the fees incurred every time you swipe.
A St. Louis homeless man, trying to stay warm, stumbled on the personal information of Macy's shoppers as he was building himself a bed with trash he found in a downtown store's Dumpster. And it's not the first time that's happened for that particular store.
Credit card outfit MasterCard likely saw a small bump in fee collection in the fourth quarter, which should translate into higher earnings when the company reports earnings on Thursday morning.