Visa, MasterCard, and several banks have agreed to pay $7.25 billion to settle antitrust charges that were brought by 7 million merchants, a diverse group ranging from the nation’s largest chains to mom-and-pop shops. If the deal is approved by a federal judge, it would end a long-running dispute over the “swipe fee” — 2 to 5 percent of the bill — that Visa and MasterCard charge merchants every time a customer uses plastic. [...]
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By ROBIN SIDEL A month after Bank of America got pummeled by consumers and politicians for introducing plans for new debit-card fees, most other big U.S. banks are steering clear of imposing similar charges. Following eight months of consumer testing, J.P. Morgan Chase & Co. has decided that it won’t charge customers who use their debit cards to make purchases, according to a person familiar with the bank’s plans. The New York bank’s Chase [...] By ROBIN SIDEL Main Street Bank lends most of its money to small businesses and is earning decent profits. But the Kingwood, Texas, bank is about to get out of the banking business. In an extreme example of the frustration felt by many bankers as regulators toughen their oversight of the nation’s financial institutions, Main Street’s chairman, Thomas Depping, is expected to announce Wednesday that the 27-year-old [...] |
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