ntil now, debit card fees have been 44 cents a transaction, on average. The Federal Reserve in June agreed to cut the fees to a maximum of about 24 cents. While the fee amounts to pennies per swipe, it rapidly adds up across millions of transactions. The new limit is expected to cost the banks about $6.6 billion in revenue a year. What percentage of a $10 debit card transaction does a merchant have to pay to the bank that issued the card? How will that percentage change when the new rule takes effect?
Until now, debit card fees have been 44 cents a transaction, on average. The Federal Reserve in June agreed to cut the fees to a maximum of about 24 cents. While the fee amounts to pennies per swipe, it rapidly adds up across millions of transactions. The new limit is expected to cost the banks about $6.6 billion in revenue a year.
What percentage of a $10 debit card transaction does a merchant have to pay to the bank that issued the card? How will that percentage change when the new rule takes effect?
Given :
Until now, debit card fees have been 44 cents a transaction, on average
What percentage of a $10 debit card transaction does a merchant have to pay to the bank that issued the card?
44 cents = $0.44
percentage of a $10 debit card transaction a merchant have to pay =
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