Banks Resist Debit Card Reform

Banks are pushing back against debit card reform.

At a congressional hearing Thursday, they're expected to ask lawmakers to either delay or repeal new laws cutting back on the fees they can charge every time a card is swiped.

Banks now get an average of 1 to 2 percent of each debit card transaction, but new rules could cap their take at 12 cents per transaction, roughly a 70% reduction.

Banks warn if the new laws are put into effect, they'll be forced to scale back on consumer perks such as free checking accounts and debit card reward programs.


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