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Star Tribune: "Senate clears way for cap on debit card fees"

Thursday, June 9, 2011

The Star Tribune wrote about the Senate vote to continue "rules that would dramatically reduce the fees large banks and credit unions charge retailers to process debit card sales." Sen. Franken voted to keep the measure in place.

I talked to a lot of mom-and-pop businesses," Franken added. Debit card swipe fees "really hurt them."

Dave Thompson owns Fisherman's Village, a fishing lodge near BattleLake, Minn.

"I sell a dozen nightcrawlers for three bucks," Thompson said. "The swipe fee costs me 45 cents. I don't make 45 cents on a dozen nightcrawlers. If someone buys them with a debit card, it's actually cheaper for me to give the nightcrawlers away.

Read the whole article here.

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