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Retail group seeks lower debit card transaction cost

Retail industry group wants the feds to lower transaction costs on debit cards.

March 28, 2016

The National Retail Federation is lobbying to reduce the cost banks charge retailers with the use of debit card payments and wants the Federal Reserve to take action this spring.

Banks now charge about 24 cents per transaction, double the cap of 12 cents established under the Dodd-Frank law, according to a Hill report. The average debit card transaction cost had been double, averaging 45 cents, prior to Dodd-Frank.