Say "bye-bye" to debit-card swipe fees? With Congress finalizing its financial-overhaul legislation this week, retailers are positioned to save billions on so-called interchange fees charged by banks."Every dollar we pay the credit-card companies is a dollar we can't pass on to consumers or use to hire employees or build more stores," argues Scott Mason, vice president of government affairs for home-improvement retailer Lowe's. "Literally you are talking about hundreds of millions of dollars.
Banks for credit-card companies like Visa and MasterCard charge retailers roughly 1-to-2 percent on the entire transaction amount. While the legislation will impact small businesses like gas stations and restaurants, retail giants like Walmart are slotted to save hundreds of millions annually if the overhaul bill becomes a reality.
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