House panel begins review of interchange fees

10/7/2009 | Bloomberg Businessweek

The House Financial Services Committee today takes up the issue of credit card interchange fees charged to individuals and merchants. Each time a consumer's card is swiped, 1.75% goes to the bank, 0.1% goes to the network [Visa, MasterCard, etc.] and 0.5% to 1% goes to the processor.

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