Senate Votes To Let Fed Trim Debit Card Swipe Fees - Spokane, North Idaho News & Weather KHQ.com

Senate Votes To Let Fed Trim Debit Card Swipe Fees

WASHINGTON (AP) - The Senate has voted to let the Federal Reserve limit the fees that stores pay banks each time a shopper swipes a debit card.

It's a victory for merchants in a long-running lobbying fight with banks.

At issue is a Fed proposal that's set to take effect next month and would cap the fees at 12 cents per transaction, compared with the current average of 44 cents per swipe.

Senators who wanted to block the Fed's plan needed 60 votes to prevail. But Wednesday's vote was 54-45, six short of 60.

The Fed says the current transaction fee earns banks and credit card companies $16 billion a year.

Stores say the lower swipe fees will let them lower their prices. Banks say they will have to raise other fees, such as checking account fees.
   

  • Most Popular StoriesMost Popular StoriesMore>>

  • Spokane Boy Recipient of Random Act of Kindness

    Monday, December 18 2017 12:42 AM EST2017-12-18 05:42:48 GMT

    SPOKANE, Wash.- There's just something about this time of year that brings out the best in so many. One 12-year-old boy was the recent recipient of a random act of kindness. He's hopeful what happened to him will inspire others to help out strangers as well. Kai Richerson told KHQ he would do just about anything to see his mom smile. 

    >>

    SPOKANE, Wash.- There's just something about this time of year that brings out the best in so many. One 12-year-old boy was the recent recipient of a random act of kindness. He's hopeful what happened to him will inspire others to help out strangers as well. Kai Richerson told KHQ he would do just about anything to see his mom smile. 

    >>
  • Donations for Texas first grader pour in after Santa letter goes viral

    Donations for Texas first grader pour in after Santa letter goes viral

    Sunday, December 17 2017 12:37 PM EST2017-12-17 17:37:13 GMT

    EDINBURG, Texas - Hundreds of donations have flooded into a Texas elementary school after a teacher posted a 7-year-old's letter to Santa Claus on Social media Wednesday. Ruth Espiricueta taught her students the difference between wants and needs and then asked them to write a letter to Santa with two wants and one need.

    >>

    EDINBURG, Texas - Hundreds of donations have flooded into a Texas elementary school after a teacher posted a 7-year-old's letter to Santa Claus on Social media Wednesday. Ruth Espiricueta taught her students the difference between wants and needs and then asked them to write a letter to Santa with two wants and one need.

    >>
  • "Distraught" man boards school bus, asks for ride to Quincy

    "Distraught" man boards school bus, asks for ride to Quincy

    Sunday, December 17 2017 9:10 PM EST2017-12-18 02:10:04 GMT
    "Distraught" man boards school bus, asks for ride to Quincy"Distraught" man boards school bus, asks for ride to Quincy

    EAST WENATCHEE, Wash. - An unknown man boarded an Eastmont School District bus Thursday, asking for a ride to Quincy.  Superintendent Garn Christensen says the driver finished unloading students at a stop on Route 28 when the man approached the bus.  "He boarded the bus, was distraught and did not appear well," Christensen stated in a news release. "He asked the driver to take him to Quincy. The driver told the man it was 

    >>

    EAST WENATCHEE, Wash. - An unknown man boarded an Eastmont School District bus Thursday, asking for a ride to Quincy.  Superintendent Garn Christensen says the driver finished unloading students at a stop on Route 28 when the man approached the bus.  "He boarded the bus, was distraught and did not appear well," Christensen stated in a news release. "He asked the driver to take him to Quincy. The driver told the man it was 

    >>
HD DOPPLER 6i
/