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Article: Conference on credit/debit fees applauded: interchange fees questioned by Federal Reserve.(Federal Reserve Bank of Kansas City)
- Article from:
- National Petroleum News
- Article date:
- July 1, 2005
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A COALITION OF BUSINESS ORGANIZATIONS HAS APPLAUDED THE Federal Reserve Bank of Kansas City for holding a conference on credit and debit card interchange fees, saying the rapidly escalating fees amount to a hidden tax on U.S. consumers.
"Merchants have known for years that banks' interchange fees are a hidden tax that is driving up the cost of merchandise and services for American consumers every day," said Merchants Payments Coalition chairman Mallory Duncan, senior vice president and general counsel at the National Retail Federation. "The Federal Reserve needs to question whether the growing use of cards rather than cash and checks, especially high-interchange ...