When you buy something on plastic -- whether it's a debit card or credit card -- somebody pays a fee. In many cases, it isn't you. Retailers pay most of the costs when you swipe your card, and these "swipe fees" are under attack.
As part of the post-crisis financial overhaul, swipe fees will change. Retailers are happy because they'll pay less. Banks and payment networks are less happy.
Most of the hubbub has centered on how swipe fee regulation is a victory for retailers and consumers. However, at least one group is fighting back. The Electronic Payments Coalition (EPC) claims that retailers will win at the expense of consumers and small banks. EPC members have their work cut out for them -- consumers are still suspicious of banks after the financial crisis -- but it's always worth taking a balanced look at things.
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