Banks received some long-awaited news last week: the Fed capped the fees they can charge to retailers on debit card transactions at roughly 24 cents per transaction, down from an average of 44 cents. It was better than they'd feared: The initial proposal was a 12 cent cap. But how will all those pennies add up for consumers?
The Federal Reserve is preparing to issue its final rule on debit card "swipe fees" Wednesday. If the expected cut to those fees arrives, banks are likely to respond by cutting interest rates on high-yield checking accounts and squeezing profits from other banking products. DailyFinance explains what it all means to you.