File Comments Asking the Fed to Lower the Debit Swipe Fee Rate
We need your help. In October, the Federal Reserve released a proposal to lower the amount banks can charge for debit swipe fees from 21 cents to 14.4 cents per transaction.
This proposed rulemaking is a long-overdue step in the right direction, but it is still much higher than it should be.
Data overwhelmingly proves that the proposed new debit rate of 14.4 cents per transaction remains significantly higher than the actual cost to process debit transactions. A report from the Fed shows that the real cost of processing debit transactions has fallen steadily and averages only about 4 cents per transaction.
NACS is urging its member companies to file comments asking the Fed to move forward with its proposed fee reductions but with lower fee levels and careful safeguards to prevent big bank manipulation of the process. If the proposed new rate is enacted as is, the largest banks in the country would still enjoy a hefty debit interchange windfall.
The banks are flooding the Fed with comments saying not to reduce the rate at all. The Fed needs to hear from YOU on why they must reduce the rate.
Comments must be received by Sunday, May 12, 2024.
- Personalize the template letter that NACS has prepared for you. Download an electronic copy of our letter.
- NACS has left you highlighted, bracketed sections in the letter where you can fill in personal information about your company.
- Feel free to further customize this letter. The more varied and personalized the comments, the more powerful it will be.