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19/05/2011 -
A senator from Montana recently got involved in the so-called 'swipe fee' debate, saying that the new limits could hurt the banking industry.Senator Jon Tester recently introduced a new piece of legislation that would delay the fee restrictions, which cap the amount that payment processors can collect from merchants at 12 cents per transaction, for two years. Tester says his main concern is that small banks will be hurt by the new laws and that they may have a hard time staying in business.
"When they quit offering a debit card, (you as a customer) would go to a bigger bank," Tester said, according to the Missoulian. "You're going to move everything with it, because that's what you do as a business. I'm doing this because (the limit) is the wrong thing to do for rural America."
Federal Reserve Chairman Ben Bernanke recently echoed Tester's concerns, saying that the new limits "could result in smaller banks being less profitable" or possibly failing.
