Senate Bill Would Limit Debit Card ‘Swipe Fees’

by admin on June 23, 2010

An amendment to limit interchange fees—also called “swipe fees”—on debit card purchases has passed the U.S. Senate.

The amendment to a proposed financial regulatory reform bill was introduced by Sen. Richard Durbin (D-IL). It passed in May by a 64-33 margin.

The fees typically range from 1 to 3 percent of a debit card transaction’s value. Merchants pay the fees to card issuers. The amendment would not regulate credit card swipe fees.

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