Take Action: Ask the Fed to Lower Debit Card Swipe Fees

Send a letter to the Federal Reserve on why it must reduce the debit card swipe fee rate.

December 19, 2023

In October, the Federal Reserve released a proposal to lower the amount banks can charge for debit card swipe fees from 21 cents to 14.4 cents per transaction. While the proposed rulemaking is a long overdue step in the right direction, the rate is still much higher that 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 safeguards to prevent big bank manipulation of the process. If the proposed rate is enacted as is, the largest banks in the country would still enjoy a hefty debit interchange windfall. 

Banks are currently flooding the administration with comments saying that the Fed should not reduce the rate at all. The Fed needs to hear from you on why it must reduce the debit card swipe fee rate.

Comments must be received by Tuesday, February 12, 2024.

Here are steps to submit comments to the Fed:

  • Personalize the template letter that NACS has prepared for you. Download an electronic copy of our letter OR write a letter of your own using these talking points.
    • 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.