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Fed May Lower Debit Card Swipe Fees

The Federal Reserve is preparing a proposal to lower fees that merchants pay to banks. When customers use debit cards, merchants pay 21 cents plus an additional 0.05% of the entire transaction. When people use their debit cards to purchase items, the fed bank at this level. Back in 2011 yesterday, the FED announced it would hold a meeting next week to vote on a revision of fees. It will be allowed by a period to allow public comment. The plan would then need a final vote from the Governors of the Central Bank.