Senate Majority Leader Reid Seeks Vote To Delay Card Swipe Fee Limit

Senate Majority Leader Harry Reid, D-Nev., has announced that he will seek a vote on an amendment by Senators Jon Tester, D-Mont., and Bob Corker, R-Tenn., to delay implementation of rules to limit the swipe fees that banks charge merchants for debit card purchases. The National Automatic Merchandising Association (NAMA) opposes any legislation to delay reform and urges its members to contact senators and express their opposition.

Although it is unclear as to which underlying piece of legislation Reid will allow the amendment to be offered, NAMA notes the vote could come any time after June 6 when the Senate returns from recess.

For additional information contact Sandy Larson at NAMA at slarson@vending.org.

Editor’s Insight: The Dodd-Frank Wall Street Reform and Consumer Protection Act allows vending and coffee service operators to give customers a discount for payments made by cash. Companies cannot charge extra for credit and debit card transactions.

This is one reason the vending industry joins other industries in seeking to limit the fees that banks can charge merchants for debit card transactions. 06-06-11 by Elliot Maras

 

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