1. Walmart and Target asked lawmakers to approve a bill targeting Visa and Mastercard fees.
The two companies said they would stop accepting credit cards if Congress does not pass legislation requiring retailers to pay swipe fees at checkout counters.
Walmart Inc. (WMT) and Target Corp. (TGT) said they will no longer accept plastic payments from customers who use their debit cards.
“We believe that this is a fair and reasonable solution to a problem that hurts consumers and small businesses,” the companies wrote in a letter sent to members of Congress. “If Congress fails to act, we will take further action.”
The move comes after years of lobbying by merchants and consumer groups, including the American Bankers Association, which says the fees cost U.S. banks $21 billion annually.
The Consumer Financial Protection Bureau estimates that the average American family spends about $400 per year on swipe fees.
2. Walmart and Target asked legislators to approve a bill targeting visa and mastercard fees.
The companies said they would stop taking plastic payments from customers using their debit cards if Congress does not approve legislation requiring retailers to pay the fees.
Walmart Inc.(WMT) and Target Corporation(TGT) said they would no longer accept plastic payments if Congress does not pass a law requiring retailers to pay swipe fee at checkout counters.
“We think this is a fair and responsible way to address the issue,” the companies said in a letter sent to lawmakers. “If Congress does not act, we will take additional steps.”
The decision comes after years of lobbying from merchants and consumer groups, the American Bankers Association and the Consumer Financial Protection Bureau, which say the fees cost U. S. banks $21 billion each year.
The average American family spends about 400 dollars per year on swipe fees, according to the CFPB.
3. Walmart and Target asked Congress to approve a bill targeting credit card fees.
The companies wrote that they would stop taking plastic payment from customers using their debit card if Congress did not pass legislation requiring retailers pay the fees.
