Banks Slash Retailers' Debit Card Fees

05/04/2012 11:33 am ET | Updated Jul 04, 2012

With every swipe of a customer's debit card, small businesses and other retailers must pay transaction fees to the card issuer.

But those fees have been sliced almost in half, due to a government cap that was imposed last year, according to a Federal Reserve report released this week.

The fees Visa, MasterCard, Discover and several smaller companies charge for each debit card transaction now average 24 cents, down from 43 cents in 2009, according to the Fed.


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