Debit Card Swipe Fees Have Dropped by 50 Percent

What's Hot


2 Types of Black Marks Might Vanish From Your Credit File SoonBorrow

5 Surprising Benefits of Exercising Outdoors in WinterFamily

6 Ways the Obamacare Overhaul Might Impact Your WalletInsurance

7 Dumb and Costly Moves Homebuyers MakeBorrow

Obamacare Replacement Plan Gets ‘F’ Rating from Consumer ReportsFamily

Beware These 12 Common Money MistakesCredit & Debt

17 Ways to Have More Fun for Less MoneySave

This Free Software Brings Old Laptops Back to LifeMore

30 Household Uses for Baby OilSave

Nearly Half of Heart-Related Deaths Linked to These 10 Foods and IngredientsFamily

10 Ways to Save When You’re Making Minimum WageSave

Boost Your Credit Score Fast With These 7 MovesCredit & Debt

7 Painless Ways to Pay Off Your Mortgage Years EarlierBorrow

Considering a Fixer-Upper? 15 Ways to Avoid a Money PitGrow

This Scam Now Tops ID Theft as the No. 2 Consumer ComplaintFamily

6 Stores With Awesome Reward ProgramsFamily

6 Healthful Treats for Your DogFamily

6 Ways to Save More at Lowe’s and The Home DepotSave

20 Tips for Buying a Home in the Best Location, Location, LocationGrow

30 Awesome Things to Do in RetirementCollege

New Study Ranks the Best States in the U.S.Family

6 Overlooked Ways to Save at Chick-fil-AFamily

The Most Sinful City in the U.S. Is … (Hint: It’s Not Vegas)Family

House Hunters: Beware of These 6 Mortgage MistakesBorrow

Ask Stacy: How Do I Start Over?Credit & Debt

Secret Cell Plans: Savings Verizon, AT&T, T-Mobile and Sprint Don’t Want You to Know AboutFamily

10 Ways to Save When Your Teen Starts DrivingFamily

The True Cost of Bad CreditCredit & Debt

You’ll Soon Pay More to Shop at CostcoSave

Marijuana Stocks Flaming Out Under TrumpFamily

21 Restaurants Offering Free Food Right NowSaving Money

The government says what businesses pay to debit card issuers went down substantially after an amendment to the law kicked in.

The Federal Reserve issues a report every two years about interchange fees – fees businesses have to pay card processors for accepting plastic.

Although merchants pay them, the fees matter to us because  in theory, the places we shop could be recouping those fees by charging us more when we pay with debit or credit cards.

The good news is the new report shows average fees have dropped by half. Thanks to part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, debit card fees dropped, averaging 24 cents per transaction at the end of 2011, down from an average of 50 cents prior to the legislation.

There are other issues, though. The report says prepaid debit cards are becoming much more popular, with the number of transactions doubling over two years to 2.43 billion transactions worth $83.6 billion. Prepaid cards are often promoted by celebrities and are also laden with hidden fees.

While debit card fraud was down from the previous report, it was still an eye-opening $1.38 billion. A concern, since debit cards don’t have the same level of consumer protection afforded by credit cards.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

💰🗣📰

Read Next: 7 Things Worth Paying More For

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 2,018 more deals!