Lawmakers recently put limits on how much retailers pay when you buy something with your debit card. Starting in October, banks are now able to charge roughly half what they used to for each transaction.
What does this mean for retailers? Are they really saving money? Data released by Heartland Payment Systems provides an answer: it depends. Businesses are indeed paying less, but not everybody benefits equally.
For example, small banks and credit unions are not subject to the fee limits -- they can charge more than the maximum 24 cents. Retailers in areas where small institutions prevail are seeing less relief. Retailers whose customers also happen to be customers at big banks are seeing the biggest savings.
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