PITTSBURGH (NEWSRADIO 1020 KDKA) — The U.S. Senate and Federal Reserve are hammering out the final details on big changes that will affect how you use your debit card.
When you swipe your debit card, the merchant pays a fee to the bank, but merchants said the charges were a detriment to their business. The Feds agreed and those charges will drop, but now the banks will have to make up the difference.
Will this mean lower prices when you shop? Will your bank create and raise fees to make up the difference?
KDKA AM’s Larry Richert talks to Duquesne University bank expert Tom Nist about what happens in the background when you swipe your card, and how coming changes will affect you directly.