Congress has passed a number of financial regulations this year, and among them are rules that limit the fees that banks can charge retailers for accepting debit cards. Previously banks charged a percentage of the sale. As of October first, the charge is twenty one cents per sale, with an additional one to two percent. Curt Everson, President of the South Dakota Bankers Association says banks didn’t need the federal governments help…
[audio:http://prprt.itmwpb.com/wp-content/uploads/sites/688/2011/11/Curt-Everson-1116a.mp3|titles=Curt Everson 1116a]While the Christmas shopping season is a critical season for retailers, Everson says it has been that way for banks too…
[audio:http://prprt.itmwpb.com/wp-content/uploads/sites/688/2011/11/Curt-Everson-1116b.mp3|titles=Curt Everson 1116b]Everson says if the cap on swipe fees continues, we can all expect to see banks charge more for their services.
(courtesy WNAX Yankton)