Friday, December 9, 2011

Electronic Payments Coalition launches campaign criticizing swipe fee cap

The Electronic Payments Coalition, an industry group that represents banks and card networks, has launched a campaign that criticizes the recently implemented swipe fee caps by questioning where the consumer savings are.

A provision in the Dodd-Frank financial reform law passed last summer limited the amount banks can charge merchants for each debit card transaction. The provision was backed by retailers and widely decried by banks.

The coalition's new website -- called -- includes the results of its own survey that it says shows that merchants have largely kept prices the same or increased them despite saving money. It says retailers have "broken promises."

Bank of America, Wells Fargo, BB&T, and the North Carolina Bankers Association are members of the Electronic Payments Coalition, among many others.