Ask the Fed to Lower Debit Card Swipe Fees Before This Weekend’s Deadline

NACS makes it easy.

May 08, 2024

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 it’s a step in the right direction, the rate is still much higher than it should be—data from the Fed shows that the cost to process debit card transactions is only about 4 cents, much below the proposed rate of 14.4 cents.

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. The deadline for submitting your comments is this Sunday, May 12, 2024.

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.

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.

Make sure to copy or forward your complete letter to Margaret Hardin, NACS government relations manager, at mhardin@convenience.org.

Advertisement