Comments on: The interchange-fee rip-off http://blogs.reuters.com/felix-salmon/2010/01/05/the-interchange-fee-rip-off/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: jamielaw http://blogs.reuters.com/felix-salmon/2010/01/05/the-interchange-fee-rip-off/comment-page-1/#comment-29339 Sun, 07 Aug 2011 12:48:18 +0000 http://blogs.reuters.com/felix-salmon/2010/01/05/the-interchange-fee-rip-off/#comment-29339 http://hi5lawyer.com/attorney-seo

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By: jamielaw http://blogs.reuters.com/felix-salmon/2010/01/05/the-interchange-fee-rip-off/comment-page-1/#comment-29336 Sun, 07 Aug 2011 12:41:49 +0000 http://blogs.reuters.com/felix-salmon/2010/01/05/the-interchange-fee-rip-off/#comment-29336 http://hi5lawyer.com

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By: jamielaw http://blogs.reuters.com/felix-salmon/2010/01/05/the-interchange-fee-rip-off/comment-page-1/#comment-29335 Sun, 07 Aug 2011 12:41:23 +0000 http://blogs.reuters.com/felix-salmon/2010/01/05/the-interchange-fee-rip-off/#comment-29335 Hi5Lawyer offers lawyer marketing for attorneys and lawyers.

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By: jamielaw http://blogs.reuters.com/felix-salmon/2010/01/05/the-interchange-fee-rip-off/comment-page-1/#comment-29334 Sun, 07 Aug 2011 12:40:48 +0000 http://blogs.reuters.com/felix-salmon/2010/01/05/the-interchange-fee-rip-off/#comment-29334 test

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By: Decada_Group http://blogs.reuters.com/felix-salmon/2010/01/05/the-interchange-fee-rip-off/comment-page-1/#comment-19797 Fri, 22 Oct 2010 22:06:23 +0000 http://blogs.reuters.com/felix-salmon/2010/01/05/the-interchange-fee-rip-off/#comment-19797 You know you don’t have to deal with the High Interchange Fees. There are ways around it if you have the right people negotiating these fees.

My company Decada Financial Group has a program that deals with merchant providers to significantly reduce the costs.

If you want to know more about this, call or email me.

Regards,

Alex Thavorn
877-533-2232 x 103
alext@decadagroup.com

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By: ZachPP http://blogs.reuters.com/felix-salmon/2010/01/05/the-interchange-fee-rip-off/comment-page-1/#comment-16632 Mon, 12 Jul 2010 20:10:09 +0000 http://blogs.reuters.com/felix-salmon/2010/01/05/the-interchange-fee-rip-off/#comment-16632 Relax folks! Soon some legal firm will file a class action suit and the small retailer like me will ultimately get a $23 check for “excessive” fees and the attorneys will once again walk away with millions. Three years later the process will be repeated. Attorneys get filthy rich and the small retailer gets taken to the bank (pun intended)!

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By: musicperson75 http://blogs.reuters.com/felix-salmon/2010/01/05/the-interchange-fee-rip-off/comment-page-1/#comment-13089 Fri, 02 Apr 2010 12:55:04 +0000 http://blogs.reuters.com/felix-salmon/2010/01/05/the-interchange-fee-rip-off/#comment-13089 Having been in the credit card processing business for many years I agree that Visa does little except advertise.
We need more competition in this space if we ever want to see interchange rates go down. Visa was sued and lowered pin based debit rates only to go ahead and push signature debit and raise fees there.
http://www.prestigemerchantservices.com

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By: voomies http://blogs.reuters.com/felix-salmon/2010/01/05/the-interchange-fee-rip-off/comment-page-1/#comment-10828 Wed, 06 Jan 2010 04:36:22 +0000 http://blogs.reuters.com/felix-salmon/2010/01/05/the-interchange-fee-rip-off/#comment-10828 banks are desperate for fees due to the defaulting mortgages they hold which isn’t getting any easier. US housing will continue to plague the markets in 2010 as strategic foreclosures rise from the current 25% of total foreclosures they are today. Why stay in a mortgage when the rest of the neighborhood is renting at 1/3 your monthly cost? Read a wild California foreclosure story at http://storyburn.com

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By: MiltonRecht http://blogs.reuters.com/felix-salmon/2010/01/05/the-interchange-fee-rip-off/comment-page-1/#comment-10820 Wed, 06 Jan 2010 00:37:32 +0000 http://blogs.reuters.com/felix-salmon/2010/01/05/the-interchange-fee-rip-off/#comment-10820 Left out of Andrew Martin’s story is the role the FDIC and the House Financial Service Committee played in maintaining the high interchange fees and decreasing competition.

In 2005, Wal-Mart filed an application with the FDIC to buy a Utah based Industrial Bank. Wal-Mart stated in its application and press releases that it wanted to own the bank to save on transaction fees from debit cards, credit cards, etc.

Knowing the competitiveness of Wal-Mart, it would use its transaction fee savings to lower prices, which would have put tremendous pressure from competing merchants on banks, Visa and Mastercharge to lower their transaction fees.

Unfortunately, for the consumer, the FDIC, the Democratic controlled House Financial Services Committee and the Independent Community Bankers Association opposed Wal-Mart’s application. The FDIC did not approve the application.

The reason fees are high in banking products and services is that our banking regulators and Congress do not want low cost competitors in the banking industry and stop the competition that would lower consumer costs. When voters complain, they pass price fixing legislation, but do nothing to solve the underlying problems.

The tight regulation of the consumer banking industry leaves little opportunity for real price lowering competition. If Congress and the banking regulators allowed the consumer banking market to be competitive, prices would go down and services would improve.

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By: sanejan http://blogs.reuters.com/felix-salmon/2010/01/05/the-interchange-fee-rip-off/comment-page-1/#comment-10808 Tue, 05 Jan 2010 19:10:15 +0000 http://blogs.reuters.com/felix-salmon/2010/01/05/the-interchange-fee-rip-off/#comment-10808 I use to be Paypal, Google chekcout customer acception credit card online, did no know about this 800 lb gorilla the Interchange fee charged by visa and mastercard , switched to these theives and now finding out these are day light robbers , then the paypal and google checkout and I am not happy at allll

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