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Visa to Increase Interchange Fees for CNP Transactions this April

After leaving interchange rates mostly unchanged for the past decade, Visa sent a letter to partner banks outlining the coming changes to swipe fees that will roll out in two phases beginning in April then October this year. While high volume supermarkets as well as those with education and real estate merchant category codes (MCCs)

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Visa, MasterCard Propose $7.25B Interchange Settlement but Major Retailers, Trade Groups Oppose

After years of litigation over interchange Visa and MasterCard proposed a settlement that would give over $7 billion back to U.S. retailers while also allowing merchants to add surcharges and fees for customers using credit or debit cards. While the proposed settlement is awaiting federal court approval, big name retailers and merchant trade groups have

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Banks Back Off Debit Card Usage Fees

Chase and Wells Fargo had been trialing $3 debit card usage fees in a couple pilot markets but have since decided to discontinue the monthly charge. SunTrust and Regions Banks also eliminated usage fees they were planning to implement on check cards. In early November Bank of America, who was originally going to adopt a

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