A Quote by Peter Welch
Swipe fees have increased steadily since the introduction of debit cards 20 years ago, when there were no swipe fees at all. Merchants can't negotiate or control them. They've tried, but they have no leverage against the big banks and issuers. So they get ignored.
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Last year, Congress passed a law that directs the Federal Reserve to set limits on debit card swipe fees that are reasonable and proportional to the cost of processing those transactions. Like most Americans, I had no idea that swipe fees charged to American businesses are the highest in the world.
At its core, bitcoin is a smart currency designed by very forward-thinking engineers. It eliminates the need for banks, gets rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transitions... all good things.
At its core, bitcoin is a smart currency, designed by very forward-thinking engineers. It eliminates the need for banks, gets rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transitions all good things
The swipe fee reform law that Congress enacted in 2010 was a huge step forward in bringing transparency, competition, and choice to a debit card system that had been rigged by Visa, MasterCard, and the banks.
It turns out that CVS is one of about 40 merchants in a consortium that formed in 2011 to develop their own mobile-phone-based payment system. The consortium, called the Merchant Customer Exchange, or MCX, is in large part all about eliminating, or at least reducing, the fees banks charge retailers for swiping credit cards.
The biggest profit center for investment banks is the hefty fees they charge for underwriting stock offerings and giving financial advice, and analysts put those profits at risk if they publish negative conclusions about the companies that pay the fees.
The biggest challenge is self-financing 100% of everything. Recording costs, studio time, engineer fees, travel costs are all a part of the creation process. Then after the creation, there are producer fees, mixing, mastering, photo shoots, artwork, packaging, artist feature fees, legal fees, clearances, and so on that must be covered before any music can officially be released to the public.
Credit cards have been extremely profitable to banks. They're profitable not from the fees they collect from the retailers that use the credit cards, that pays the bills, but the real profits come from the interest payments and the charges to users that are unexpected.
I am categorically opposed to any fees for education - and I have voted and campaigned against their introduction at every stage.
There's actually a name app for baby names. It's like Tinder for baby names. You swipe left and swipe right, and it makes a little list for you.
Two of the biggest drivers of airline profit are change fees and baggage fees.
American businesses and consumers deserve a debit card system with competition, transparency, and reasonable fees.
Equity, ownership, production fees, license fees: those are the vocabulary words that are exciting to me.
In Mexico, a poor country, higher education is of quite good quality -- and is free. Ten years ago the government tried to impose small fees. There was a national student strike and the government backed down. High tuition is not an economic necessity, as is easy to show, but a debt trap is a good technique of indoctrination and control. And resisting this makes good sense.
The fact is I tried for years to work with the financial industry on reasonable swipe fee reform, but the industry wouldn't have it.
Number one, it is important that we fix the legal immigration system, because right now we've got a backlog that means years for people to apply legally. And what's worse is, we keep on increasing the fees, so that if you've got a hard working immigrant family, they've got to hire a lawyer; they've got to pay thousands of dollars in fees. They just can't afford it. And it's discriminatory against people who have good character, we should want in this country, but don't have the money. So we've got to fix that.
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